Posted on: 27th Dec, 2009 09:25 pm
My husband and I own a home that we want to foreclose on. He is on the loan alone and we are both listed on the property. In efforts to avoid a lien for the property taxes on my credit (I want to keep at least one of ours clean) I was thinking of quit claiming the property to him.
Hi Guest,
You cannot quitclaim the property to your husband in this situation. Any such transfer to void a property tax lien will be considered as invalid. As your name is not on the mortgage, you are not responsible for the loan and the foreclosure will not affect your credit. But you are listed on the property and are responsible to pay off the tax lien. The property tax lien will remain on your credit until you pay it off. You cannot avoid it by quitclaiming your property ownership to your husband.
You cannot quitclaim the property to your husband in this situation. Any such transfer to void a property tax lien will be considered as invalid. As your name is not on the mortgage, you are not responsible for the loan and the foreclosure will not affect your credit. But you are listed on the property and are responsible to pay off the tax lien. The property tax lien will remain on your credit until you pay it off. You cannot avoid it by quitclaiming your property ownership to your husband.
You can quitclaim your property interest to avoid the bad credit from the foreclosure. However, you will remain responsible for any property taxes accrued during your ownership period.
