If I do a quit claim deed in MN does the new owner take over the payments or am I still respondsible for them? How would this affect my credit rating?

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If I do a quit claim deed in MN does the new owner take over the payments or am I still respondsible for them? How would this affect my credit rating?

jameshogg

Posted on: 12th Nov, 2010 06:58 pm

I am in over my head on my house loan and need to get out from under it. The house is non liveable unless I dump more money into it which would be never ending.

Total Reply : 1

hi deniseanderson,

unless the new owner of the property refinances the mortgage in his or her name, you'll be liable for the mortgage payments. you should ask the new owner to refinance the loan as soon as you transfer the property to the new owner.

thanks

jameshogg

Posted on: 14th Nov, 2010 09:52 pm

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