A couple broke up after owning house for one year. He is willing to give the house to her. How can this be done? How can he get his name off the mortgage, and have her assume the mortgage with a new co-signer? This is in Newfoundland, Canada.
We are not familiar with provincial laws of Newfoundland. If the property, parties and bank were all in the U.S., the procdure would be to have the individuals approach the bank to find out if they are willing to refinance the mortgage loan for the new owner or to release you from the current mortgage and note. A bank would not accept such a plan unless the remaining owner qualifies for the mortgage loan. For a definitive answer approach the mortgage holder to find out what it would require.
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We are not familiar with provincial laws of Newfoundland. If the property, parties and bank were all in the U.S., the procdure would be to have the individuals approach the bank to find out if they are willing to refinance the mortgage 