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Quit claim

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Icon Mini Profile rob5449





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Post Posted: Tue Aug 12, 2008 6:49 am    Post subject: Quit claim
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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)?
Icon Mini Profile laphillips
laphillips
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Post Posted: Tue Aug 12, 2008 9:44 am    Post subject: Quit claim
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Since mortgage & loan are synonymous I don't understand how this works...please explain.
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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.**
Icon Mini Profile rita2
rita2




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Post Posted: Mon May 10, 2010 3:52 pm    Post subject:
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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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