Posted on: 16th Oct, 2010 11:52 am
We live in Las Vegas, NV my husband and I moved into a home purchased by his father, it has a mortgage. A few years ago he quit claimed it to us, due to his health. we now want to purchase a home in our own name , and move out. What effect will this have on our credit and on us purchasing our own home, He also is in a chapter 13. What effet does that have on us? Will we have problems buying our own home, due to this quit claim? and I believe he is behind in payments
Why would this effect us, we are NOT on the mortgage, ust listed at assessors office, how would this effect us buying our own home
Hi mikala,
You need to check out whether or not your name is mentioned on the mortgage deed. If not, then the property won't affect your chances of getting a new mortgage to buy a property.
Feel free to ask if you've further queries.
Sussane
You need to check out whether or not your name is mentioned on the mortgage deed. If not, then the property won't affect your chances of getting a new mortgage to buy a property.
Feel free to ask if you've further queries.
Sussane
It was recoreded at the assesors office as a quit claim and property tax info is in our name. Does that mean it will effect us in buying our own home, and why?
Hi mikala,
Your name on the property deed won't matter much. However, if your name is mentioned on the mortgage to the existing property, then there are chances that you may not be able to get a new loan.
Take care.
Your name on the property deed won't matter much. However, if your name is mentioned on the mortgage to the existing property, then there are chances that you may not be able to get a new loan.
Take care.