Posted on: 28th Mar, 2009 07:53 am
I am getting married in a few months and my fiance's ex is still on the mortgage of the house we live in. A quit claim is going to be filed but their divorce agreement states that each of them have given up the right to the other's house, even though their names are still on the mortages.
Can my fiance's ex wife's name be removed from the mortgage without my fiance refinancing due to the terms of the divorce agreement?
Can my fiance's ex wife's name be removed from the mortgage without my fiance refinancing due to the terms of the divorce agreement?
guest, only through the process of novation can that be accomplished without a refinance. your fiance ought to be in contact with the lender to see if this is possible.
refinancing is not necessarily a bad thing at this time, though. interest rates are quite favorable if you should need to go that route.
refinancing is not necessarily a bad thing at this time, though. interest rates are quite favorable if you should need to go that route.
Hi
That's right. Novation is the only other way through which they can remove each others name from the mortgage, apart from refinace. However, lenders do prefer arefinance to a novation agreement when it comes to removing a name from mortgage.
That's right. Novation is the only other way through which they can remove each others name from the mortgage, apart from refinace. However, lenders do prefer arefinance to a novation agreement when it comes to removing a name from mortgage.
