Posted on: 04th Nov, 2008 01:28 pm
Hi,
My husband and I are both on the deed of our house but only he is on the mortgage. If it is sold as a short sale or a foreclosure will it affect my credit?
Thanks
My husband and I are both on the deed of our house but only he is on the mortgage. If it is sold as a short sale or a foreclosure will it affect my credit?
Thanks
inasmuch as you are an owner of the property, you'll be affected by the foreclosure. i'm quite certain it will be reflected in part on your credit report. the mortgage loan will not be reported, however, so the effect won't be as bad as it could have been.
Can I remove my name from the title to prevent this?
Hi Hot Suns!
Welcome to forums!
As your name is not only the mortgage, but only on the deed, I think you can sign a quitclaim deed in your husband's name. However, I would still recommend you to consult a real estate attorney.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
As your name is not only the mortgage, but only on the deed, I think you can sign a quitclaim deed in your husband's name. However, I would still recommend you to consult a real estate attorney.
Feel free to ask if you have further queries.
Sussane