Posted on: 17th Sep, 2010 06:50 am
if three parties are on the mortgage and the deed, is it possible to remove parties from the deed but not refinance the mortgage?
Hi Rigdon,
It can not be done but the person who wishes to be on the deed & mortgage alone should be able to prove his/her financial to the lender to be able get the mortgage on his/her name alone.
DIPA
It can not be done but the person who wishes to be on the deed & mortgage alone should be able to prove his/her financial to the lender to be able get the mortgage on his/her name alone.
DIPA
Could you clarify?
ARe you saying that YES the deed can be changed without refinance?
ARe you saying that YES the deed can be changed without refinance?
Hi cxz,
It can be only done through novation.Which means all the parties concerned agree to alter the original documents clauses so here in this case the person who only wishes to be on the mortgage & deed should be able to prove his credentials to the lender that he can be able to make monthly payments.
You can get more info about novation through following link.
http://www.mortgagefit.com/know-how/novation-mtg.html
DIPA
[External linking deleted as per forum rules. Thanks.]
It can be only done through novation.Which means all the parties concerned agree to alter the original documents clauses so here in this case the person who only wishes to be on the mortgage & deed should be able to prove his credentials to the lender that he can be able to make monthly payments.
You can get more info about novation through following link.
http://www.mortgagefit.com/know-how/novation-mtg.html
DIPA
[External linking deleted as per forum rules. Thanks.]