Posted on: 24th Oct, 2009 12:10 am
my boyfriend is in the morgage and he quick claimed the house to me 4 years ago-I am not on the morgage but have been making the payments for 4 years-What are my responsibilities if I want to walk away from it or sell it? I just can do it any more but I dont want to loose all the money I have paid in
Hi ds,
As your name is not on the mortgage, you will not be held responsible by the lender for the payments. If you walkaway from the property, then it won't affect your credit. It is your friend's credit report that would be affected. If the lender forecloses the property, then your friend's credit score would be reduced by 250 points.
Thanks
As your name is not on the mortgage, you will not be held responsible by the lender for the payments. If you walkaway from the property, then it won't affect your credit. It is your friend's credit report that would be affected. If the lender forecloses the property, then your friend's credit score would be reduced by 250 points.
Thanks