Posted on: 22nd May, 2006 04:56 pm
hello,
in order to get my name off a mortgage of a property which i signed a quit claim deed, the banker refused to refinance the other party but stated there is a way to get the debt not to show up on my credit report but yet i am still responsible for the mortgage? what is this process called, do you know? i am planning to meet with this banker in a few days but i sure would like to know a little bit about it before i meet with him.
thank you for your time. :?
in order to get my name off a mortgage of a property which i signed a quit claim deed, the banker refused to refinance the other party but stated there is a way to get the debt not to show up on my credit report but yet i am still responsible for the mortgage? what is this process called, do you know? i am planning to meet with this banker in a few days but i sure would like to know a little bit about it before i meet with him.
thank you for your time. :?
Hi sandra,
As far as I know, a novation will take around 45 - 60 days to complete provided your lender agrees to it. As far as the cost of the novation is concerned, your lender will be able to let you know better.
Thanks
As far as I know, a novation will take around 45 - 60 days to complete provided your lender agrees to it. As far as the cost of the novation is concerned, your lender will be able to let you know better.
Thanks
Ex husband had mortgage on home he has owned for a year he bought the home for 320,000 and put 20% down so had 64,000 equity. He just borrowed 112,000 from his parents on a 10 yr promissory note at 1% for 10 yrs (payment monthly of 981.17)
The promissory note says the note is secured by a mortgage given by him and recorded in the office of the ROD. Now istead of showing 64,000 equity in his home as an asset on his financial statement for use in familycourt he is showing negative 43,000 (home is underwater) and a monthly mortgage paymen that is the oriningal mortgage amount plus the monthly payment to his parents. goal is to show he is basically broke. I this legal
The promissory note says the note is secured by a mortgage given by him and recorded in the office of the ROD. Now istead of showing 64,000 equity in his home as an asset on his financial statement for use in familycourt he is showing negative 43,000 (home is underwater) and a monthly mortgage paymen that is the oriningal mortgage amount plus the monthly payment to his parents. goal is to show he is basically broke. I this legal
Hi Arora,
If he is not a broke, then proving so will be considered as illegal. It will depend upon your lawyer to prove that he is lying.
Thanks
If he is not a broke, then proving so will be considered as illegal. It will depend upon your lawyer to prove that he is lying.
Thanks
Hi,
My mom passed away shortly after her real property was transferred to me. The property has a home improvement mortgage on it. The deed has been recorded. It was also willed to me... what do I do now with this mortgage. I have been paying the mortgage, before & since her passing. The lender has not been informed. Please advise.
My mom passed away shortly after her real property was transferred to me. The property has a home improvement mortgage on it. The deed has been recorded. It was also willed to me... what do I do now with this mortgage. I have been paying the mortgage, before & since her passing. The lender has not been informed. Please advise.
Hi Hernandez!
Welcome to the forums!
You will have to inform the lender about the passing away of your mother. Then, you should probate the will and get the property transferred in your name. After that you can refinance the mortgage in your name.
Feel free to ask if you have further queries.
Sussane
Welcome to the forums!
You will have to inform the lender about the passing away of your mother. Then, you should probate the will and get the property transferred in your name. After that you can refinance the mortgage in your name.
Feel free to ask if you have further queries.
Sussane
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