Posted on: 24th Apr, 2006 09:27 pm
Our relationship just ended and I need out of this mortgage we signed. We are not married but both our names are on the paperwork. How can I get out of this nightmare?
Hi,
You can always have a talk with your lender explaining your situation. And, it's better you ask if the other person is willing to take over the responsibility of the mortgage.
But everything depends on your lender. If he doesn't agree to it, then you will have to pay off your part of the mortgage payments, as stated in the legal documents.
Thanks,
Caron.
You can always have a talk with your lender explaining your situation. And, it's better you ask if the other person is willing to take over the responsibility of the mortgage.
But everything depends on your lender. If he doesn't agree to it, then you will have to pay off your part of the mortgage payments, as stated in the legal documents.
Thanks,
Caron.
hi,
you can opt for novation which will allow you to hand over your responsibility of mortgage payments to another party. but it depends on the lender whether he will allow for it. and, the other person whose name is in the contract must also agree to it.
regards,
jessica.
[we have deleted the duplicate posts. thanks.]
you can opt for novation which will allow you to hand over your responsibility of mortgage payments to another party. but it depends on the lender whether he will allow for it. and, the other person whose name is in the contract must also agree to it.
regards,
jessica.
[we have deleted the duplicate posts. thanks.]
I've never heard of novation. How does that work?
My name is on the mortgage with my ex, I am legally responsible for half of all fees, closing costs, etc even though the house will be co-signed with my ex's parents?
Hi,
Novation implies that you are handling over your mortgage to some other person who will be making the payments. You will no longer be responsible for the payments any more.
Novation helps to replace your obligation with another or replace a party to an agreement with a new party. All the parties in the contract must agree to novation. the novation transfers all rights and obligations from the original owner to the new owner.
What I suggest is that you talk to the lender and request him for a novation so that he can prepare a new mortgage note and get it signed by all the parties. Also, there should be a notary to witness the novation.
Thanks,
Caron.
Novation implies that you are handling over your mortgage to some other person who will be making the payments. You will no longer be responsible for the payments any more.
Novation helps to replace your obligation with another or replace a party to an agreement with a new party. All the parties in the contract must agree to novation. the novation transfers all rights and obligations from the original owner to the new owner.
What I suggest is that you talk to the lender and request him for a novation so that he can prepare a new mortgage note and get it signed by all the parties. Also, there should be a notary to witness the novation.
Thanks,
Caron.
Hi,
Since your name is on the mortgage, you are legally bound to pay for it. But the best thing is to talk to lender.
Tell him that you want to quit. If you can convince him, then well and good, otherwise try to go for novation, as Caron suggests. Talk to those who have co-signed on the house, see if any of them is willing to pay for the mortgage.
Thanks,
Jerry.
Since your name is on the mortgage, you are legally bound to pay for it. But the best thing is to talk to lender.
Tell him that you want to quit. If you can convince him, then well and good, otherwise try to go for novation, as Caron suggests. Talk to those who have co-signed on the house, see if any of them is willing to pay for the mortgage.
Thanks,
Jerry.