Posted on: 06th Jan, 2010 10:41 am
what is a novation?
i am in the process of a divorce and i want to give my soon tobe ex-spouse the house. she has asked for me to sign a quickclaim deed. but i was told that will only remove my name from the deed but i will still be responsible financially on the mortgage. i think she wants to refinance the mortgage. what is the best steps to take to remove my name from deed and the mortgage so i have no future responsibilities to the house.
i am in the process of a divorce and i want to give my soon tobe ex-spouse the house. she has asked for me to sign a quickclaim deed. but i was told that will only remove my name from the deed but i will still be responsible financially on the mortgage. i think she wants to refinance the mortgage. what is the best steps to take to remove my name from deed and the mortgage so i have no future responsibilities to the house.
if your wife (still) refinances successfully, then your obligation on the mortgage will go poof. if she doesn't then it won't. novation is a process by which the lender allows the one borrower (her) to take the place of the two borrowers (you and her).
i don't have factual information about it, but i have to believe that novation is long gone in this marketplace. lenders are way more conservative than before, and novation wouldn't make them comfortable.
you can ask your lender, of course.
i don't have factual information about it, but i have to believe that novation is long gone in this marketplace. lenders are way more conservative than before, and novation wouldn't make them comfortable.
you can ask your lender, of course.