Hi, may be this post will help you.
http://www.mortgagefit.com/discuss/quitclaim-indivorce.html
http://www.mortgagefit.com/discuss/quitclaim-indivorce.html
hi,
welcome to mortgagefit forums.
novation is the process by which a borrower can transfer the liability of a mortgage to a new borrower under the approval of the lender.
by signing a quit claim deed you are going to transfer only your interest in the property but it won't release your liability for the mortgage. if you want to remove your name off the mortgage then, you can do it either by novation or through refinancing.
many do not prefer refinancing as it involves a lot of junk fees which makes it more costly than novation. but whatever process you adopt it is always advisable to take the help of an attorney so that everything can be done as per the legal requirement.
feel free to ask if you have any more queries.
god bless you.
for mortgagefit,
samantha
welcome to mortgagefit forums.
novation is the process by which a borrower can transfer the liability of a mortgage to a new borrower under the approval of the lender.
by signing a quit claim deed you are going to transfer only your interest in the property but it won't release your liability for the mortgage. if you want to remove your name off the mortgage then, you can do it either by novation or through refinancing.
many do not prefer refinancing as it involves a lot of junk fees which makes it more costly than novation. but whatever process you adopt it is always advisable to take the help of an attorney so that everything can be done as per the legal requirement.
feel free to ask if you have any more queries.
god bless you.
for mortgagefit,
samantha
