Posted on: 10th Jun, 2008 10:35 am
my house is heading for forclosure but my name is not on the mortgage only on the deed. will this effect my credit? Do I need to sign a quitclaim deed before forclosure/
Hello Annie,
If you are not signed on the loan then your credit should not be affected BUT remember your house is security for that loan!
If you are not signed on the loan then your credit should not be affected BUT remember your house is security for that loan!
I would be very cautious about this if I were you. Just because the lender is threatening to foreclose it doesn't mean that they are going to. One thing to beware of is if your escrow is included in your mortgage than the taxes will end up going unpaid and that can end up with a tax lien showing on your credit as long as its titled in your name.
