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Forclosure

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Icon Mini Profile holmesjackson





Joined: 28 Oct 2009

Posts: 1

1.30 Dollars($)
Post Posted: Wed Oct 28, 2009 11:25 pm    Post subject: Forclosure
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A quit claim was done to put my name on the deed of a condo in Chicago about 6 months ago. My name is not on the mortgage loan. We just received a foreclosure nottice. Can a foreclosure hurt my credit score and secondly am a liable for the loan even though my name is not on it.
Icon Mini Profile gunzijjistaff
gunz.ijjistaff




Joined: 07 Apr 2009

Posts: 712

4.51 Dollars($)
Post Posted: Thu Oct 29, 2009 1:20 am    Post subject:
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Hi,

If you name not on mortgage it will not hurt to your credit score by foreclosure but in foreclosure you will loose house which you owe.

Thanks.
Icon Mini Profile Niicss
Niicss




Joined: 03 Oct 2005

Posts: 4770
Location: New Jersey
499.28 Dollars($)
Post Posted: Thu Oct 29, 2009 1:59 am    Post subject:
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You've mentioned that your name is not included in the mortgage docs. In such a situation, your credit will not be affected due to the foreclosure. Moreover, the lender will not be able to sue you for the deficient mortgage amount after the sale.
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