Posted on: 19th Aug, 2010 03:03 pm
My grandmother signed a quik claim deed to her property over to me prior to her passing away. My uncles (her sons) are living in the home and are behind on the mortgage, which is still in her name. The home is close to moving into forclosure. How will I be affected? Can this go on my credit? Will this affect me purchasing a home in the future?
Welcome taviebender,
As your name is not mentioned on the mortgage docs, the foreclosure won't affect your credit. The lender won't be able to come after you in order to recover the dues. However, you would lose the property. It won't affect your chances of buying a home in the future.
As your name is not mentioned on the mortgage docs, the foreclosure won't affect your credit. The lender won't be able to come after you in order to recover the dues. However, you would lose the property. It won't affect your chances of buying a home in the future.