Posted on: 22nd Aug, 2009 07:41 am
Can a quit claim protect the credit of one party if both parties are on the mortgage loan? In other words, my husband and I are both on the loan and the title, if I quit claim the title to him, will that protect my credit if we decide to short sale the house? Additionally, will they allow a quit claim without a divorce or separation? And if not, does the divorce or separation have to be legally filed?
Thanks,
In AZ
Thanks,
In AZ
well...if you quit claim title to your husband, you are still obligated on the note. whatever you do with that home and that mortgage will still affect you, either favorably or adversely.
a quit claim deed can be used in many circumstances; divorce/separation need not be part of it. i don't think you can have a divorce without a legal filing; separarations do take place without filings, of course.
a quit claim deed can be used in many circumstances; divorce/separation need not be part of it. i don't think you can have a divorce without a legal filing; separarations do take place without filings, of course.