Posted on: 13th Feb, 2011 08:00 am
I live in Kentucky and my divorce was final 7/2007. In the decree it stated that husband shall recieve the real estate and pay indebtedness owed and hold me harmelss from any liabiltiy theron. I just got papers served to me that had a copy of the morgage and note attached because the home is in foreclosure 2/11. I had signed the Mortgage but not the Note. Sumons says I may claim an interest in property as current spouse? Were divorced will this hurt my credit and will the bank come after me? Should I quit claim?
Hi jedwards,
If your name is still mentioned on the mortgage docs, then the foreclosure will have a negative affect on your credit score. Your score will go down by 250 points. The bank can also come after you in order to collect the deficient balance resulting from the property sale. Quitclaim deed will only help you in removing your name from the property. It won't remove your name from the mortgage docs.
If your name is still mentioned on the mortgage docs, then the foreclosure will have a negative affect on your credit score. Your score will go down by 250 points. The bank can also come after you in order to collect the deficient balance resulting from the property sale. Quitclaim deed will only help you in removing your name from the property. It won't remove your name from the mortgage docs.