Posted on: 15th Nov, 2007 08:59 am
i signed a quit claim deed when i got divorced, my ex-husband was supposed to have either re-financed or sold the house within 1 year to get my name off of the mortgage loan. it has been well over a year and he did not do this, and now the house is in foreclosure and it is on my credit report.
is there any way to remove this from my credit?
is there any way to remove this from my credit?
hello lori,
even i agree with eric. only a refinance or a novation can remove your name from the mortgage.
is the foreclosure sale already announced?
if you want to save your credit from the foreclosure, you have to talk to your lender immediately. there are some options by which you may avoid a foreclosure, these are known as loss mitigation options.
you may have a look at these options here http://www.mortgagefit.com/loss-mitigation.html and see if your lender is willing to work out any one of them.
even i agree with eric. only a refinance or a novation can remove your name from the mortgage.
is the foreclosure sale already announced?
if you want to save your credit from the foreclosure, you have to talk to your lender immediately. there are some options by which you may avoid a foreclosure, these are known as loss mitigation options.
you may have a look at these options here http://www.mortgagefit.com/loss-mitigation.html and see if your lender is willing to work out any one of them.
Hi Lori,
Quitclaim does not remove your name from the loan: it only transfers the property. So before signing the quitclaim deed, you should have asked your ex-husband to refinance and remove your name from the loan.
Now it is too late as the foreclosure is announced. You can talk with our lender and see if there are any options available for you to avoid the foreclosure. Try out refinance or novation as Eric and Jenkin advised to you.
Thanks,
Larry
Quitclaim does not remove your name from the loan: it only transfers the property. So before signing the quitclaim deed, you should have asked your ex-husband to refinance and remove your name from the loan.
Now it is too late as the foreclosure is announced. You can talk with our lender and see if there are any options available for you to avoid the foreclosure. Try out refinance or novation as Eric and Jenkin advised to you.
Thanks,
Larry
This question is asked on a regular basis. I am going to see if we can have it made a sticky in the forum.
The two most common questions are these...
1. Can a quit claim get me out of a mortgage obligation?
Answer = No, nothing will get you out of a mortgage obligation except paying it off, it's that easy
2. My ex won't do what they said they would, what do I do now?
Answer = No one should ever sign a quitclaim in this situation until the actual closing of the new mortgage. There is never a situation where the title must be transferred before the closing of the refinance. Whoever handles the closing, be it an attorney or title company can do all the paperwork at the same time. That way you are sure before you sign away your rights that everything is going to work.
The two most common questions are these...
1. Can a quit claim get me out of a mortgage obligation?
Answer = No, nothing will get you out of a mortgage obligation except paying it off, it's that easy
2. My ex won't do what they said they would, what do I do now?
Answer = No one should ever sign a quitclaim in this situation until the actual closing of the new mortgage. There is never a situation where the title must be transferred before the closing of the refinance. Whoever handles the closing, be it an attorney or title company can do all the paperwork at the same time. That way you are sure before you sign away your rights that everything is going to work.
Looks to be a good idea