Posted on: 24th Feb, 2009 06:46 pm
my mom re-financed in 2006 taking me off of the mortgage but i decided to remain on the deed because she still owes me $24,000 after the refinance.
question:
1) if the house goes into foreclosure, can the bank come after me to pay the mortgage?
2) if that is the case, would doing a quitclaim relieve me of any obligation to pay the off the mortgage?
question:
1) if the house goes into foreclosure, can the bank come after me to pay the mortgage?
2) if that is the case, would doing a quitclaim relieve me of any obligation to pay the off the mortgage?
Hi pat,
Since you are on the deed and not on the mortgage, if the house goes into foreclosure you will not be held responsible and your credit score will not be affected in any way. Thus I don't think a quitclaim is required in this case as you can remain on the deed without being liable for the mortgage.
Since you are on the deed and not on the mortgage, if the house goes into foreclosure you will not be held responsible and your credit score will not be affected in any way. Thus I don't think a quitclaim is required in this case as you can remain on the deed without being liable for the mortgage.