Novation - Transfer mortgage to another individual

Hi Becky,

This query of yours will be best answered by a divorce attorney. I would suggest you to contact a divorce attorney and take his suggestions in this matter.

Thanks

I'm trying to hire an attorney but are they expensive. I tried legal aid but I don't qualify. I will probably have someone do the paper work and I will represent myself.

Thanks,

I would like to know the Law on the state of MN interest cap on contract for deeds

An attorney based at MN will be able to help you in a better manner.

My ex girlfriend and I purchased a house together 5 years ago in Illinois and split up 2 years after. She has since gotten married and has been living there the last 3 years paying all the bills ect. but I am still on the mortgage and the title. When I call the bank they say I can refinance however the house deprecaited and is worth less then it was which would mean I would need to come up with around 15k to do that. Do I have any other options. Thank you so much guys.

Hi Patrick!

Welcome to forums!

Do you want to remove your name from the mortgage and the property title? If yes, then you need to sign a quit claim deed and transfer the property to her and she needs to refinance the loan in her name. As the property has been depreciated in value, it would be difficult for her to refinance or transfer the mortgage to her name through novation. In that case, if you want to remove your name from the property, then she needs to sell off the property.

Feel free to ask if you've further queries.

Sussane

The mortgage is under my mother's and brother's name. The thing is my brother left and moved to another state. He was terminated from his work and has no solid source of income. I currently moved in to help my mother with the mortgage and I want to know if I can remove his name and add my name by novation. Basically, he just dipped out on my mother and told her he isn't coming back. Help what can be done here?

Hi Jenny,

You can either refinance or go for a novation in order to transfer the mortgage in your name. It will be the lender's discretion whether or not he would agree to a novation as most lenders prefer refinance.

My sister owns a single family home which we want to own together and I will live in. Can I claim the interest paid on the mortgage refinancing in both of our names? May we file a joint tenancy?

hi pz,

if your name is added on the mortgage, then you'll be able to claim tax deductions for mortgage interest payments. you can file a quit claim deed adding both names to the property where the ownership will be held as joint tenancy.

thanks

If you are joint owners of the home, you ought to split the tax deduction, though it may well be to your benefit more than your sister's to take all of it. If that's the case, I trust you'll be a blessing to your sister in sharing some of the largesse.

need a loan modification on parents loan can i do this

Jelisa, lenders won't speak with you unless you are obligated on the loan you mentioned. I gather that means you're not, since you indicated it is your parents' loan.

If there is a valid reason why you and not they are charged with the responsibility of seeking the modification, then it would be beneficial for you to obtain Power of Attorney here, if it makes sense. Speak with a local attorney to see what you need to do. With PofA, your status would allow the lender/servicer to speak with you.

my sister in california is paying the mortgage on my sister house in florida will novation apply if they both agree that the sister in florida only wants to live there until she dies .

Hi sherley,

If the lender agrees to it, then the sister who is paying the mortgage can go for a novation and get the mortgage transferred in her name.

Thanks,

Jerry