Posted on: 28th Oct, 2009 11:25 pm
A quit claim was done to put my name on the deed of a condo in Chicago about 6 months ago. My name is not on the mortgage loan. We just received a foreclosure nottice. Can a foreclosure hurt my credit score and secondly am a liable for the loan even though my name is not on it.
Hi,
If you name not on mortgage it will not hurt to your credit score by foreclosure but in foreclosure you will loose house which you owe.
Thanks.
If you name not on mortgage it will not hurt to your credit score by foreclosure but in foreclosure you will loose house which you owe.
Thanks.
You've mentioned that your name is not included in the mortgage docs. In such a situation, your credit will not be affected due to the foreclosure. Moreover, the lender will not be able to sue you for the deficient mortgage amount after the sale.
