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holmesjackson · Joined: 28 Oct 2009 Posts: 1 1.30 Dollars($)

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.

gunzijjistaff · Joined: 07 Apr 2009 Posts: 712 4.51 Dollars($)

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.

Niicss · Posted: Thu Oct 29, 2009 1:59 am Post subject:

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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