Posted on: 09th Feb, 2010 05:22 pm
I have a friend thats been seperated from her husband for more then five years, not legally. He got a rental house from his father, and it is about to go into foreclosure. He wants her to sign a quick claim deed, so he can give it back to his father before it mess up his credit. What she wants to know even though she didnt know anything about the house, if she doesnt sign the paper will it affect her credit when it goes into forclosure.
Hi jonez,
Is your friend's name on the mortgage? If her name is on the mortgage, she is responsible for the payments. Then, even if she quitclaims the property, she will still remain responsible for the mortgage. Thus, in case the property goes into foreclosure, her credit will be affected. But if her name is not on the mortgage, the foreclosure will not affect her credit score.
Is your friend's name on the mortgage? If her name is on the mortgage, she is responsible for the payments. Then, even if she quitclaims the property, she will still remain responsible for the mortgage. Thus, in case the property goes into foreclosure, her credit will be affected. But if her name is not on the mortgage, the foreclosure will not affect her credit score.