Posted on: 06th Mar, 2009 04:05 pm
If two people are on a mortgage and one does a quitclaim deed, will the
person who did the quitclaim deed still be responsible or have credit affected if the property goes into forecloser.
thank you,
Donald c
person who did the quitclaim deed still be responsible or have credit affected if the property goes into forecloser.
thank you,
Donald c
Yes, if the lender was not contacted to have their liability to be released. They are still responsbile.
Hi
A quitclaim deed doesn't release you of your mortgage responsibilities. Even if you quitclaim and the mortgage is left in your name, your credit will definitely get affected in case the property goes into foreclosure.
A quitclaim deed doesn't release you of your mortgage responsibilities. Even if you quitclaim and the mortgage is left in your name, your credit will definitely get affected in case the property goes into foreclosure.