Posted on: 29th Oct, 2009 12:06 pm
if i signed a quit claim to have a property title under my name and that property goes into forclosure will it affect my credit ?
Hi yajairasolano!
Welcome to forums!
Is the mortgage under your name? If not, then the foreclosure of the property will not affect your credit. A foreclosure will affect the credit report of the person who has his/her name on the mortgage docs. The credit score of that person will get reduced by 250 points. However, you will lose the property if it goes into foreclosure.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Is the mortgage under your name? If not, then the foreclosure of the property will not affect your credit. A foreclosure will affect the credit report of the person who has his/her name on the mortgage docs. The credit score of that person will get reduced by 250 points. However, you will lose the property if it goes into foreclosure.
Feel free to ask if you've further queries.
Sussane