Posted on: 31st Mar, 2009 10:23 am
If I sign over my home to my future x-spouse via quitclaim deed - am I still listed on the mortgage as co-owner? Does his activity on the mortgage affect my credit rating? What if he's late on the payments or forecloses on the house?
hi sunshine,
though you transfer the property in your ex-spouse's name, you will still be responsible for the mortgage if he/she does not refinance the loan in his/her name. if your name is not removed from the mortgage, then your credit will be affected if he defaults the loan.
though you transfer the property in your ex-spouse's name, you will still be responsible for the mortgage if he/she does not refinance the loan in his/her name. if your name is not removed from the mortgage, then your credit will be affected if he defaults the loan.
Hi
Signing a quitclaim deed won't relieve you of your mortgage responsibility. You need get the loan refinanced in your ex's name to release you from its liabilities. Otherwise, in case of a default or late payments your credit will get hurt.
Signing a quitclaim deed won't relieve you of your mortgage responsibility. You need get the loan refinanced in your ex's name to release you from its liabilities. Otherwise, in case of a default or late payments your credit will get hurt.