Posted on: 19th Apr, 2008 08:21 am
i own a house with my boyfriend.
i want out of the relationship.
if i sign a quit claim deed to give house to him, will i still be responsible if he doesn't pay the mortgage and will my credit rating be affected if he doesn' tpay?
m
i want out of the relationship.
if i sign a quit claim deed to give house to him, will i still be responsible if he doesn't pay the mortgage and will my credit rating be affected if he doesn' tpay?
m
the easy answers are "yes" and "yes."
if your name is on a mortgage, it remains there until that debt is paid in full. transferring title out of your name to someone else has no impact on the debt.
and, of course, with your name on the mortgage, any delinquent payments would be reflected on your credit report.
your best bet is to sit down and iron out a plan that will benefit both of you that is not detrimental to either of you.
if your name is on a mortgage, it remains there until that debt is paid in full. transferring title out of your name to someone else has no impact on the debt.
and, of course, with your name on the mortgage, any delinquent payments would be reflected on your credit report.
your best bet is to sit down and iron out a plan that will benefit both of you that is not detrimental to either of you.
If your name is on the mortgage, definitely it will affect your credit rating if payments are not made accordingly.
