Posted on: 22nd Dec, 2010 11:18 am
During my divorce, I quick claimed the deed to my wife. She has had the home on the market since August with no offers. She is attempting to let the home go into a short sale situation but assures me that my credit will not be hurt. She was told that because of the quick claim I'm no longer responsible for the loan and therefore my credit would remain entact. Is this correct? How will I be affected?
Hi Lander!
Welcome to forums!
Though you quitclaimed the property deed, I guess your name is still on the mortgage docs. In such a situation, if the property goes into short sale, then your credit will be badly affected and your score will get reduced by 80-100 points.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Though you quitclaimed the property deed, I guess your name is still on the mortgage docs. In such a situation, if the property goes into short sale, then your credit will be badly affected and your score will get reduced by 80-100 points.
Feel free to ask if you've further queries.
Sussane