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Is the process of Novation a possible method for me to use?

Posted on: 27th Jun, 2009 09:43 am
i have recently heard about something called novation and am interested in finding out if it is something that i can use. i want to get out of my mortgage with my ex-girlfriend who is willing to re-fiance our home herself with a co-signer (her grandmother) and then i would quitdeed my share of the home to her. is novation another possible method to expediate this process since she is taking her time in even beginning the re-fiance process? as far as i can ascertain, someone (her grandmother) would in essence using this process merely take over my loan/mortgage obligations, is this true....if the mortgage company allows such an action? if it can be used, then the entire process could be more easily done and my ex-girlfriend can take her time in re-fiancing in the future or not. anxious about finding out more about novation and if it is something that i can use, or not.
Novation is the process where one can alter some of the terms of the agreement with the consent of all the members who were part of the deed.

Here the second party is mortgage company so if hey agree to change the terms then only this novation will take place, otherwise not.

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keep in touch...........
Posted on: 27th Jun, 2009 10:22 am
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