Posted on: 30th Oct, 2009 04:02 pm
I have a similiar situation, my name was quit claimed on at the closing of the house but I am not on the loan and when you look up the home in the county listings- I am not listed there as well. My husband is more than likely going to have to do a deed-in-lieu of forclosure due to job layoffs and no income we are no longer able to live in or afford the house. Will this effect my credit? Do I need to quit claim off of it prior to any paperwork being processed?
Hi eeyorespillow,
You'll have to check out if your name is on the mortgage docs. If your name is not mentioned on the mortgage docs, then you won't be liable for the mortgage and your credit will also not get affected due to deed in lieu of foreclosure.
If your name is mentioned on the mortgage docs, then you would be equally responsible for the dues. The lender would be able to sue you for the debts. Also, your credit would get lowered by 250 points due to deed in lieu.
Thanks
You'll have to check out if your name is on the mortgage docs. If your name is not mentioned on the mortgage docs, then you won't be liable for the mortgage and your credit will also not get affected due to deed in lieu of foreclosure.
If your name is mentioned on the mortgage docs, then you would be equally responsible for the dues. The lender would be able to sue you for the debts. Also, your credit would get lowered by 250 points due to deed in lieu.
Thanks