Posted on: 12th Aug, 2008 06:49 am
I own property with another. My name is on the title (deed?) and the mortgage. My name is not on the loan. If I quit claim the property to the other and the property forecloses, is my credit affected (since I am not on the loan)?
Since mortgage & loan are synonymous I don't understand how this works...please explain.
Hi,
It is not clear as you mentioned that you are on the mortgage but not on the loan. It is not possible as both are same. If you are on the mortgage and the property forecloses then it will definitely affect your credit score. If you are not on the mortgage then it will not affect your credit score.
It is not clear as you mentioned that you are on the mortgage but not on the loan. It is not possible as both are same. If you are on the mortgage and the property forecloses then it will definitely affect your credit score. If you are not on the mortgage then it will not affect your credit score.
