Posted on: 24th Aug, 2009 12:15 pm
ex husband has not refinanced home and vehicle into his own name as divorce decree states for him to do on both. his poor credit and payment history has adversly affected my credit score and my ability to get a home of my own. just heard about the idea of novation for homes but wanted to know if this works for vehicles also?
it has been over three years now and something must be done now.
any ideas to help with options on getting my name off of vehicle and him being fully responsible. he is not someone who is reasonable or accommdating. he claims he can not refinance because of his credit and poor payment history.
it has been over three years now and something must be done now.
any ideas to help with options on getting my name off of vehicle and him being fully responsible. he is not someone who is reasonable or accommdating. he claims he can not refinance because of his credit and poor payment history.
Hi leti_thom!
Welcome to forums!
As far as I know, novation can be done only in case of real estate properties. You cannot pursue a novation in case of a vehicle. To know more about novation, check out the following link:
http://www.mortgagefit.com/know-how/about5787.html
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As far as I know, novation can be done only in case of real estate properties. You cannot pursue a novation in case of a vehicle. To know more about novation, check out the following link:
http://www.mortgagefit.com/know-how/about5787.html
Feel free to ask if you've further queries.
Sussane
novation is not specifically designed for mortgage transactions. it is really just a substitution of one borrower for another, even one creditor for another. it can even be the simple release for a borrower from an obligation in exchange for a new obligation from that same borrower to the creditor.
in your case, however, you are trying to eliminate your obligation on debts that appear to be in jeopardy. any creditor with sense will not allow it, unless your former husband can demonstrate his worthiness to be the sole borrower.
in your case, however, you are trying to eliminate your obligation on debts that appear to be in jeopardy. any creditor with sense will not allow it, unless your former husband can demonstrate his worthiness to be the sole borrower.
