Posted on: 15th Apr, 2007 03:49 pm
if i sign a quit claim deed over to my husband and the house goes into foreclosure after doing so. will this show up on my credit also?
If you are listed on the mortgage, then yes...this will show up on your credit.
Welcome Sandra and hegeek
Youy're correct hegeek, if Sandra's name is listed on the loan, then a foreclosure will definitely show upon her credit report.
Youy're correct hegeek, if Sandra's name is listed on the loan, then a foreclosure will definitely show upon her credit report.
"if i sign a quit claim deed over to my husband and the house goes into foreclosure after doing so. will this show up on my credit also?"
sandra, yes it will appear on your report and in addition to it, have very negative affect on your credit score. your score will go down many points because of it.
i would suggest you to talk to with the bank about the financial problem and try to figure out if a loss mitigation plan will be possible.
miller
sandra, yes it will appear on your report and in addition to it, have very negative affect on your credit score. your score will go down many points because of it.
i would suggest you to talk to with the bank about the financial problem and try to figure out if a loss mitigation plan will be possible.
miller
The reason everyone has said that yes it will show up on your report is that quit claim deed will only transfer the house ownership but mortgage will remain in your name. If foreclosure takes place then it will only affect your credit and not your husband's. But if you are not on the mortgage then foreclosure will have no affect on your credit profile.