Posted on: 09th Jan, 2009 08:22 am
hi everyone,
my husband and i purchased a home 3 months ago as 1st time buyers with an fha loan thru countrywide. since then, we have decided to get a divorce. due to his actions that is causing this divorce he is willing to take the house on as "his burden" yet i am sure he will be unable to refinance at this time. i cant afford to maintain payments on a home/find an apt to rent and i have no idea if there is a way i can get out of the mortgage (i.e ; novation??) not sure the process of novation/how to go about it/if we qualify. also, quitclaim deed? this home is the only asset we share in this short lived marriage... please...if anyone can help id really appreciate it. im desperate at this point bc i need to get out, i dont want my credit ruined all bc i was stupid enough to trust him :(
thank you in advance for your help as i have no where else to turn for answers....
my husband and i purchased a home 3 months ago as 1st time buyers with an fha loan thru countrywide. since then, we have decided to get a divorce. due to his actions that is causing this divorce he is willing to take the house on as "his burden" yet i am sure he will be unable to refinance at this time. i cant afford to maintain payments on a home/find an apt to rent and i have no idea if there is a way i can get out of the mortgage (i.e ; novation??) not sure the process of novation/how to go about it/if we qualify. also, quitclaim deed? this home is the only asset we share in this short lived marriage... please...if anyone can help id really appreciate it. im desperate at this point bc i need to get out, i dont want my credit ruined all bc i was stupid enough to trust him :(
thank you in advance for your help as i have no where else to turn for answers....
needhelp, you are correct in assuming that he cannot refinance. if he is capable of making the payments without your assistance, then you should feel reasonably safe in your efforts to find an apartment.
you'd have to check with the lender to discuss novation and to find out if that's an option at all.
you'd have to check with the lender to discuss novation and to find out if that's an option at all.
if my name is on the mortgage still i do not trust him enough to make full payments. i do not want to be at any risk even a yr from now and let this haunt me. What are the steps in requesting a novation?
I think you should call up the lender and explain him your entire situation. Then request for a novation. The lender will inform you as to how you need to proceed.
