View Full Version : Mortgage with parents
Kive
Nov 9, 2008, 11:26 AM
How do I get out of a mortgage that I am on with my parents?
ScottGem
Nov 9, 2008, 11:35 AM
You can't. Your parents will need to refinance without you.
Kive
Nov 9, 2008, 11:39 AM
Thanks for your reply ScottGem. Do you know anything about novation for mortgages in the uk?
ScottGem
Nov 9, 2008, 11:49 AM
Novation means substituing one party in a contract for another. If all parties including the mortgage lender agree you may be able to have someone take over your interest in the mortgage.
This may be more common in the UK, but its rare in the US.
Kive
Nov 9, 2008, 11:50 AM
Thanks very much for your help!
Kive