you might be able to do that, shawn. you need to discuss novation with your lender to see if they're willing to consider it.
Hi,
I don't think your lender would be ready to take you off the loan merely through a novation agreement in this market. You can of course discuss this option with your lender. But I think they will consider removing your name from the mortgage, only if your dad refinances in his name.
I don't think your lender would be ready to take you off the loan merely through a novation agreement in this market. You can of course discuss this option with your lender. But I think they will consider removing your name from the mortgage, only if your dad refinances in his name.
to be perfectly honest, i don't have much faith in novation as being a cure for what ails homeowners trying to get out. as you pointed out, savior, this is a very difficult market in which to try to get around the rules.
Hi shawn,
Welcome to the forum.
you can also think to purchase second home in the name of your father. you may become a coborrower & continue to make payment for both the loans
Welcome to the forum.
you can also think to purchase second home in the name of your father. you may become a coborrower & continue to make payment for both the loans