Posted on: 23rd Aug, 2007 10:03 am
i am seperated from my husband, but not divorced. my husband purchased a home while we married, and i am not on the mortgage loan, but i know i am listed on the deed. the home is now in the process of being foreclosed on. i don't want to be liable for the mortgage and i don't want any judgements on my credit. how can a quit claim deed help me?
Kim as you are not on the mortgage you need not worry about the foreclosure. It will not appear on your credit report. Foreclosure will appear only on your husband's report.
Miller
Miller
"I don't want to be liable for the mortgage and I don't want any judgements on my credit."
It will not come on your credit report. Credit report shows the debts an individual takes and the payments he is making on that debt. The mortgage debt in your case has only been taken by your husband so it will not come on your report. If you were co borrower with him then it would have appeared on your report also.
"How can a quit claim deed help me?"
Quit claim deed is used to transfer property title to someone else. I don't know how it is going to help you. Did anyone tell like that?
Thanks
Blue
It will not come on your credit report. Credit report shows the debts an individual takes and the payments he is making on that debt. The mortgage debt in your case has only been taken by your husband so it will not come on your report. If you were co borrower with him then it would have appeared on your report also.
"How can a quit claim deed help me?"
Quit claim deed is used to transfer property title to someone else. I don't know how it is going to help you. Did anyone tell like that?
Thanks
Blue
Hi Kim,
The negative effect of foreclosure is reflected only on the credit report of the person who actually bears the loan. In your case, as you are not named on the loan, it is not going to affect your credit in any way. Your husband will only have the negative effect of foreclosure on his credit report and it will subsequently lower his score.
I personally feel that you do not require a quitclaim deed here. This type of deed is used only to transfer properties.
The negative effect of foreclosure is reflected only on the credit report of the person who actually bears the loan. In your case, as you are not named on the loan, it is not going to affect your credit in any way. Your husband will only have the negative effect of foreclosure on his credit report and it will subsequently lower his score.
I personally feel that you do not require a quitclaim deed here. This type of deed is used only to transfer properties.
I DIVORCED MY 1ST HUSBAND ALMOST 17 YEARS AGO. IN THE DIVORCE SETTLEMENT I ASKED TO HAVE MY NAME TAKED OFF THE LOAN. TWO YEARS AGO HE FOUND OUT HE HAD CANCER, AND MY SISTERS LOOKED TO SEE HOW MUCH HE OWNED ON THE HOUSE .THEY FOUND THAT MY NAME IS LISTED AS THE OWNER OF THE HOUSE. MY CURRENT MARRIED NAME. WHEN I ASKED HIM ABOUT IT HE SAID IT WAS A MISTAKE AND HAD NO IDEA WHAT HAD HAPPENED. NOW HE WANTS TO KEEP IT THE WAY IT IS, SO THE KIDS WILL ALWAYS HAVE A PLACE TO COME HOME TO. THE HOUSE NEEDS LOTS OF WORK THE BILLS ARE NOT BEING PAID AND THE TAXES ARE IN THE REARS. HE HAS MAXED OUT A EQUITY LINE OF CREDIT AND HAS NO INCOME. I AM THINKING I NEED TO GET MY NAME OFF THIS HOUSE. I CAN NOT PUT IT IN THE KIDS NAMES THEY ALSO HAVE ISSUES WITH OUT STANDING BILLS AND BAD CREDIT. SHOULD I QUITCLAIM IT BACK TO HIM? HOW COULD HE DO THIS WITH OUT MY KNOWING?
Hi Stephanie,
You can sign a quitclaim deed and remove your name from the property deed. However, if there is a mortgage on the property which also has your name, then that mortgage needs to be refinanced by your ex-husband. If he doesn't then you will still be responsible for paying the mortgage dues.
Thanks,
Jerry
You can sign a quitclaim deed and remove your name from the property deed. However, if there is a mortgage on the property which also has your name, then that mortgage needs to be refinanced by your ex-husband. If he doesn't then you will still be responsible for paying the mortgage dues.
Thanks,
Jerry