Thursday, September 4, 2008
Getting a co-signor off a loan
Not the easiest thing to do. Generally, you would have three options:
1. Refinance the property;
2. Payoff;
3. Novation;
Novation meaning a new loan, as in someone assuming your mortgage. You need to check the loan documents to see what is allowed or not, but I would not think a novation likely with the current real estate/mortage market.
1. Refinance the property;
2. Payoff;
3. Novation;
Novation meaning a new loan, as in someone assuming your mortgage. You need to check the loan documents to see what is allowed or not, but I would not think a novation likely with the current real estate/mortage market.
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