Posted on: 25th Jan, 2008 04:10 pm
my sister wants to quitclaim deed her house to me, she will still paying the mortgage and she is going to stay living in the house. is this going to affect my credit in case that she gets behind with the payments and also in case that i need to refinance my other house?
thanks.
ricky.
thanks.
ricky.
Typically, the lender will not allow you to transfer the house, which acts as collateral for the mortgage loan. It may trigger an acceleration clause in the mortgage contract.
Title to the property and liability on the mortgage are separate. So, if she did transfer the property to you and didn't pay the mortgage, it would not affect your credit.
Title to the property and liability on the mortgage are separate. So, if she did transfer the property to you and didn't pay the mortgage, it would not affect your credit.
Hi Ricky,
Welcome to the forum.
Actually the lenders don't generally allow to transfer(quitclaim) of the property if it is an mortgage property. So if you can take take the mortgage in your name then it will not be a problem.
"Is this going to affect my credit in case that she gets behind with the payments " As you are not on the mortgage, your score will not be affected even she gets behind.
Thanks,
Larry
Welcome to the forum.
Actually the lenders don't generally allow to transfer(quitclaim) of the property if it is an mortgage property. So if you can take take the mortgage in your name then it will not be a problem.
"Is this going to affect my credit in case that she gets behind with the payments " As you are not on the mortgage, your score will not be affected even she gets behind.
Thanks,
Larry
