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 holmesjackson
Joined: 28 Oct 2009
Posts: 1
1.30 Dollars($)
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 Posted: Wed Oct 28, 2009 11:25 pm Post subject: Forclosure |
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| A quit claim was done to put my name on the deed of a condo in Chicago about 6 months ago. My name is not on the mortgage loan. We just received a foreclosure nottice. Can a foreclosure hurt my credit score and secondly am a liable for the loan even though my name is not on it. |
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gunzijjistaff
Joined: 07 Apr 2009
Posts: 603
14.18 Dollars($)
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| 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. |
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Niicss
Joined: 03 Oct 2005
Posts: 3227
Location: New Jersey
509.11 Dollars($)
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| 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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Good is the Enemy of Great. |
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