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Quit claim

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rob5449 Joined: 11 Apr 2008 Posts: 3 2.04 Dollars($)	Posted: Tue Aug 12, 2008 6:49 am    Post subject: Quit claim Like 0 Dislike 0 I own property with another. My name is on the title (deed?) and the mortgage. My name is not on the loan. If I quit claim the property to the other and the property forecloses, is my credit affected (since I am not on the loan)?
laphillips Community Expert Joined: 10 May 2008 Posts: 134 Location: Yucaipa, CA 33.92 Dollars($)	Posted: Tue Aug 12, 2008 9:44 am    Post subject: Quit claim Like 0 Dislike 0 Since mortgage & loan are synonymous I don't understand how this works...please explain. _________________ Lynnette Phillips Loan Officer/Realtor, Foreclosure Consultant Home Pride Mortgage My Blog: http://activerain.com/helpingufindaway My website: http://lynnettephillips.com **This is not intended as legal advice. I am not an attorney.**
rita2 Joined: 23 Apr 2010 Posts: 286 51.03 Dollars($)	Posted: Mon May 10, 2010 3:52 pm    Post subject: Like 0 Dislike 0 Hi, It is not clear as you mentioned that you are on the mortgage but not on the loan. It is not possible as both are same. If you are on the mortgage and the property forecloses then it will definitely affect your credit score. If you are not on the mortgage then it will not affect your credit score.

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