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    Kive's Avatar
    Kive Posts: 3, Reputation: 1
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    #1

    Nov 9, 2008, 11:26 AM
    Mortgage with parents
    How do I get out of a mortgage that I am on with my parents?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #2

    Nov 9, 2008, 11:35 AM

    You can't. Your parents will need to refinance without you.
    Kive's Avatar
    Kive Posts: 3, Reputation: 1
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    #3

    Nov 9, 2008, 11:39 AM

    Thanks for your reply ScottGem. Do you know anything about novation for mortgages in the uk?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #4

    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's Avatar
    Kive Posts: 3, Reputation: 1
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    #5

    Nov 9, 2008, 11:50 AM

    Thanks very much for your help!
    Kive
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