How Do You Remove A Name From A Mortgage Without Refinancing?
• Contact the lender of your home mortgage loan. The lender will be able to determine if the type of loan you carry can be replaced with a deed of novation. Novations are made in business and in real estate. In the instance of a mortgage novation, the lender agrees to draw up a new contract absolving a second party from any financial responsibility on the mortgage. All 3 parties, (both mortgagees and the lender) need to legally agree and sign all novation deeds. The novation will require a new contract with different terms than the original mortgage. • Determine if the remaining mortgagee will have enough financial resources to carry the mortgage. The lender will require credit checks and asset documentation to prove that the remaining mortgagee can pay on the loan. In most instances, individuals will need to carry high credit scores in order for the novation to be honored. Lenders also will need to check all of the mortgagee’s financial information, including bank accounts, car, schoo
