Posted on: 17th Jul, 2008 03:17 pm
i live in California + cosigned on property in N Y State with my daughter-in-law it is her residence I wish to remove my name from the mortgage how is the least expensive way to do that I am on a fixed income retired thank you rosemeri
hi rciliberto.
welcome to the forum.
are you with your daughter-in-law in the mortgage? then ask your daughter-in-law to refinance the mortgage on her name. if she cannot be able to refinance, then talk to the lender and check out if novation is possible or not. btw just to inform you that lenders doesn't usually agree for novation. know more about novation at http://www.mortgagefit.com/discuss/about2085.html
feel free to ask if you have any further questions.
best of luck.
larry
welcome to the forum.
are you with your daughter-in-law in the mortgage? then ask your daughter-in-law to refinance the mortgage on her name. if she cannot be able to refinance, then talk to the lender and check out if novation is possible or not. btw just to inform you that lenders doesn't usually agree for novation. know more about novation at http://www.mortgagefit.com/discuss/about2085.html
feel free to ask if you have any further questions.
best of luck.
larry
Is it completely necessary for you to remove her name? I think the process is difficult from what I have read, so make sure you are 100% on this.
If you want your name removed from the mortgage, you have to refinance to payoff the old note. I don't know of any lender that will just remove your name from the current note.
