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quit claim

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RJ1972 Guest	Posted: Wed Oct 28, 2009 11:06 am    Post subject: quit claim Like 0 Dislike 0 Husband and wife buy a house together in Florida. A few years later the loan is refinanced in husband's name only using a 'no paper trail'. House is now heading toward foreclosure. Should the wife sign a quit claim deed? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12346 Location: bloomfield, ct 53.01 Dollars($)	Posted: Wed Oct 28, 2009 11:13 am    Post subject: Like 0 Dislike 0 a "no paper trail" means what, exactly? _________________ George M. Akerley Independent Contractor - Mortgage Consultant Word of Excellence Editing/Writing/Proofreading 860-221-5044
RJ1972 Guest	Posted: Wed Oct 28, 2009 1:06 pm    Post subject: reply Like 0 Dislike 0 No paper trail refers to providing no income documentation. Loan is given based on credit score alone.
adonis Joined: 22 Oct 2005 Posts: 10250 Location: ALASKA 1043.57 Dollars($)	Posted: Thu Oct 29, 2009 1:16 am    Post subject: Like 0 Dislike 0 Hi RJ, As the mortgage is in the name of the husband, the foreclosure of the property will not affect wife's credit in any way. She will not be sued for the deficient amount even. If she wishes, she can quitclaim the property to you. _________________ Procrastination is the enemy of your financial success

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