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.