Posted on: 23rd Mar, 2007 07:11 pm
I have a similar question as Elisa, but with me being the grantor. If the grantee does not make payments on time or becomes deliquent in the mortgage payments or any other financial obligations, can this come back to me and affect my credit rating/history?
Thanks in advance.
Thanks in advance.
Hi Mike,
I think you are talking about quit claiming your property to someone and afterwards the grantee defaulting on the mortgage. Will this affect you?
In case the mortgage is refinanced in the name of the grantee then it will not have any affect on your credit score. As you will be removed from the mortgage, you need not worry about it.
I think you are talking about quit claiming your property to someone and afterwards the grantee defaulting on the mortgage. Will this affect you?
In case the mortgage is refinanced in the name of the grantee then it will not have any affect on your credit score. As you will be removed from the mortgage, you need not worry about it.
If however the mortgage is not refinanced and the grantee has only assumed the loan obligation then you will still remain liable for the mortgage. And if he defaults then it will have bad affect your credit rating.
"If the grantee does not make payments on time or becomes deliquent in the mortgage payments or any other financial obligations, can this come back to me and affect my credit rating/history? "
After you quit claim the house and the grantee refinances the mortgage in his name you can rest assured that no harm will be done to your credit.
And no other financial obligations will be there for you to bear.
After you quit claim the house and the grantee refinances the mortgage in his name you can rest assured that no harm will be done to your credit.
And no other financial obligations will be there for you to bear.