Posted on: 20th Apr, 2010 08:29 am
i am on the deed of my boyfriends house and we recentley split up. i moved back home. i don't want to be on the deed anymore and i know i have to get a reverse quit claim deed form to be filled out. my question is if he loses the house will that hurt my credit if i am still on the deed? i am not on the mortgage just on the deed.
You are not on the mortgage. You do not owe anybody anything. Your credit should not be hurt. You would lose the property whether you ar on the deed or not.
Hi dz,
Your credit will not be affected by the default as long as you are not on the mortgage note. Being on the property deed does not make you liable for the mortgage. Thus, if your boyfriend stops making payment on the loan, your credit will remain safe. In case you want to take your name off the property deed, you can sign a quit claim deed and transfer your ownership rights to your boyfriend.
Your credit will not be affected by the default as long as you are not on the mortgage note. Being on the property deed does not make you liable for the mortgage. Thus, if your boyfriend stops making payment on the loan, your credit will remain safe. In case you want to take your name off the property deed, you can sign a quit claim deed and transfer your ownership rights to your boyfriend.
Hi,
If you are not on the mortgage note then you are absolutely safe and you are not liable for the mortgage and it will not effect your credit score also. however if you want to remove your name from the house deed then you can sign a quit claim deed or consult an attorney who can guide you for the same.
If you are not on the mortgage note then you are absolutely safe and you are not liable for the mortgage and it will not effect your credit score also. however if you want to remove your name from the house deed then you can sign a quit claim deed or consult an attorney who can guide you for the same.