Posted on: 10th Jan, 2010 06:42 am
i will be divorced in 60-90 days. my future ex is putting his house on a short sale due to laid off. my name is on title but no record of ss #. iam in the process of a quit claim deed. will that help and protect mt credit.
Hi pointebetsy,
Is your name mentioned on the mortgage document? If not, then the short sale of the property will not affect your credit report. However, if your name is mentioned on the mortgage docs, then transferring the property through a quit claim deed will not help you. As the mortgage docs have your name, your credit will be affected and you would be liable to pay off the deficient amount.
Is your name mentioned on the mortgage document? If not, then the short sale of the property will not affect your credit report. However, if your name is mentioned on the mortgage docs, then transferring the property through a quit claim deed will not help you. As the mortgage docs have your name, your credit will be affected and you would be liable to pay off the deficient amount.