Posted on: 14th May, 2010 06:33 pm
I quick claimed to ex and the mortgage still has my name on it. He is now 4 months behind on payments. Is my credit at risk or can I reverse the quick claim? What should I do?
As your name is still on the mortgage deed and as your ex has defaulted the payments, your credit is at risk. The late payments will show up in your credit report. If the property is foreclosed by the lender, then your credit score would go down by 250 points. In order to reverse the deed, you will have to ask your ex to sign the quit claim deed back to you. Then you will have to pay off the defaulted amount and bring the loan current.