Posted on: 28th Oct, 2009 11:06 am
husband and wife buy a house together in florida. a few years later the loan is refinanced in husband's name only using a 'no paper trail'. house is now heading toward foreclosure. should the wife sign a quit claim deed?
a "no paper trail" means what, exactly?
No paper trail refers to providing no income documentation. Loan is given based on credit score alone.
Hi RJ,
As the mortgage is in the name of the husband, the foreclosure of the property will not affect wife's credit in any way. She will not be sued for the deficient amount even. If she wishes, she can quitclaim the property to you.
As the mortgage is in the name of the husband, the foreclosure of the property will not affect wife's credit in any way. She will not be sued for the deficient amount even. If she wishes, she can quitclaim the property to you.