Posted on: 12th Oct, 2008 03:37 pm
fifteen years ago my brother became a co-borrower on a home loan with my mom and now he is threatening to make her sell the house to remove his name off the loan, because she can not finance it under her own name.is there a way he can actually make the courts make her sell the house because she can not refinance it in her own name?he said he will hire an attorney and get a partition
hi anita!
welcome to the forums!
yes, your brother can go to the court and get partition. but if he wants to take his name off the mortgage, then your mother can also go for the process of novation. here she will not require to refinance. though lenders generally prefer refinance but your mother can explain her situation and request the lender to go for novation .
feel free to ask if you have further queries.
sussane
welcome to the forums!
yes, your brother can go to the court and get partition. but if he wants to take his name off the mortgage, then your mother can also go for the process of novation. here she will not require to refinance. though lenders generally prefer refinance but your mother can explain her situation and request the lender to go for novation .
feel free to ask if you have further queries.
sussane
I'm sorry to hear about your situation. It's his MOTHER! Someone talk some sense into that boy.
co-signing is not only hazardous to non-familial relationships, but it can tear families apart as well.
anyone who contemplates becoming a co-signer ought to seriously think about the ramifications of so doing on a long-term basis.
anyone who contemplates becoming a co-signer ought to seriously think about the ramifications of so doing on a long-term basis.
Is novation of the mortgage an option when the co-borrowers are ex-spouses and one spouse is granted the home? Is it up to the individual mortgage company to agree to the novation? What keywords might be used to get the mortgage company to entertain the novation proposal rather than their standard qualifying assumption?
Hi Lilia!
Whether its a novation, refinance or a loan assumption, it will totally depend upon the discretion of the lender. Normally lenders prefer refinance. You will have to speak to the lender and see what options he offers you.
Thanks.
Whether its a novation, refinance or a loan assumption, it will totally depend upon the discretion of the lender. Normally lenders prefer refinance. You will have to speak to the lender and see what options he offers you.
Thanks.