Posted on: 28th Oct, 2010 05:32 pm
i have been divorced for more than a year and i have been looking for a house. unfortunately, my ex did not refincance the house in his name and let the payments lag for more than 120 days. consequently, my credit score went down, and, because my name is still on the loan, my debt to ratio income is bad.
citimortgage says they have a form, a release of liability form, that will take my name off of the loan. they also inform me that it will cost $900 to remove my name from the loan.
also, what is the difference between a quitclaim, and a novation? will either of those remove my name from the loan?
citimortgage says they have a form, a release of liability form, that will take my name off of the loan. they also inform me that it will cost $900 to remove my name from the loan.
also, what is the difference between a quitclaim, and a novation? will either of those remove my name from the loan?
I hearby claim this section mine....
Hi cstchick!
Welcome to forums!
A quitclaim deed will help you in removing your name from the property deed. A novation, on the other hand, will help you in removing your name from the mortgage. You should ask your ex to go for a novation and remove your name from the loan so that you can start re-building your score and get a mortgage in your name.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
A quitclaim deed will help you in removing your name from the property deed. A novation, on the other hand, will help you in removing your name from the mortgage. You should ask your ex to go for a novation and remove your name from the loan so that you can start re-building your score and get a mortgage in your name.
Feel free to ask if you've further queries.
Sussane