Posted on: 25th Feb, 2010 06:32 pm
My husband bought some rental property. His name is on the mortgage, mine is not. However, we just discovered that my name is on title...not sure how that happened. He can no longer make the payments since the rents no longer cover the mortgage. He is going to have to do a foreclosure or short sale.
Can I get taken off the title? Would we do that through a quick claim deed? If we can't get my name off the title, do you know how that will effect my credit?
Please help me with suggestions!
Can I get taken off the title? Would we do that through a quick claim deed? If we can't get my name off the title, do you know how that will effect my credit?
Please help me with suggestions!
Hi lori,
You can sign a quit claim deed in your husband's favor to remove your name from the property deed.
Your name is not on the mortgage. Thus, if the property is foreclosed or goes for a short sale, your credit will not get affected in any way. As your husband's name is on the mortgage docs, it is his credit score that would be lowered by 250 points.
Thanks
You can sign a quit claim deed in your husband's favor to remove your name from the property deed.
Your name is not on the mortgage. Thus, if the property is foreclosed or goes for a short sale, your credit will not get affected in any way. As your husband's name is on the mortgage docs, it is his credit score that would be lowered by 250 points.
Thanks