Posted on: 28th Jul, 2007 05:34 am
does signing a quit claim deed, help to avoid delinquent credit reporting on the loan.
No, signing a quit claim deed will not help you to avoid delinquent credit reporting on the loan.
Delinquency is the failure of mortgage payment. And in case if you get fail to make the payment within 15 days then the loan will called as delinquent. Whereas, signing a quit claim deed will transfer only the title on the property. And you will remain the only person who is liable for loan.
Thanks
Delinquency is the failure of mortgage payment. And in case if you get fail to make the payment within 15 days then the loan will called as delinquent. Whereas, signing a quit claim deed will transfer only the title on the property. And you will remain the only person who is liable for loan.
Thanks
Hi Hanth,
Quitclaim deed and delinquency are two completely different concepts and are independent of each other. By signing the quitclaim deed, you transfer the title of the property only and in any way cannot avoid the delinquency on your credit report. On every circumstance, you will have to pay for the due amount of the loan.
Quitclaim deed and delinquency are two completely different concepts and are independent of each other. By signing the quitclaim deed, you transfer the title of the property only and in any way cannot avoid the delinquency on your credit report. On every circumstance, you will have to pay for the due amount of the loan.