Novation - Transfer mortgage to another individual

i want to quickclaimmy home to my son,having him keep paying morgage.he is in my trust.

hi james,

you can sign a quitclaim deed in your son's name. this will make him the owner of the property. you can contact an attorney and he will be able to help you in drafting the deed. then, your son can refinance the mortgage in order to get it transferred in his name.

take care.

Son and g/f bought a house a yr and a half ago. Last Feb, she moved out. She quit claimed the house back to him after he gave her 1500 dollars . She drew up an agreement without the assistance of an attorney, which he signed, where he agreed to refinance the loan by the end of 2010. Within the timeframe, he lost his job and has been unable to make the payments. Their credit is being dinged. She claims she can and will make him sell the house to clear her credit. My question is what rights does she really have and can she force the sale

Hi Carm,

If it is mentioned in the agreement that the girlfriend can sell off the property in case your son is unable to refinance the loan, then she has the rights to force the sale.

Thanks

If I file a quitclaim to remove my interests on our current va mortgage, will I then be able to claim the amount of mortgage I was paying as income in order to be approved for another mortgage on a new house that I want to buy ? or will the current mortgage be deducted as a liability on my income preventing me from having enough income for the new house?

The current mortgage will be considered as a liability when you apply for a new mortgage to buy a house.

My ex-wife and I divorced two years ago and we agreed she would stay in the home and benefit from all tax incentives. the home is in my name only. What options do I have in getting my name off of the mortgage and hers on it?

Welcome Ned,

You should sign a quitclaim deed and transfer the property to her. Once this is done, your ex-wife needs to refinance the mortgage in her name in order to get the loan transferred in her name. This will help you in removing your name from the mortgage docs.

My father passed away in the middle of last year. The house was left in a will to my mother. The mortgage loan was signed by both of my parents but the loan, when approved was put in my fathers name only.
My mother tried for a modification and was approved for a trial modification period, which will be up at the end of this month. The problem is that she will lose the modification if she does not get her name on the loan. Since the passing of my father, she has made all payments. She is worried that she will loose the house because her credit is not good and she will unlikely get approved to take over the loan.
Any ideas, suggestions or help?

hi rhonda,

your mother will be able to put her name on the mortgage docs only when she will refinance it in her name. your mother should contact the lender and check out if he is ready to refinance the loan or allows her to assumes the mortgage.

i have filed chapter 7 bankruptcy due to the debt my ex created before we were divorced. he is living in a home we jointly purchased before the divorce & the bank is threatening foreclosure. i want to be rid of any connection to my ex & am wondering if i can quitclaim the property to him as it will be the last connection to an unhealthy relationship.

Hi Aussie,

A quitclaim deed will help you in removing your name from the property deed. However, if your name is mentioned in the mortgage, they you will remain liable for the mortgage and the foreclosure will have a negative affect on your credit report.

Can novation be used to add my husband to my loan after a quit claim?

Hi Eileen,

It will be the discretion of the lender whether or not he will be ready to offer you a novation to add your husband's name to the loan. It should be noted here that lenders prefer refinance over novation.

Thanks

I sold a piece of property and assigned the mortgage to my girl friend I own the deed and we broke up can I ask the buyer of the property to pay me a small amount and sign the deed over to him as being satisfied as I owned the mortgage but assigned the payments to her?

Thanks
Mickey