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Mortgage/Quit Claim

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jedwards Joined: 13 Feb 2011 Posts: 1 1.64 Dollars($)	Posted: Sun Feb 13, 2011 9:00 am    Post subject: Mortgage/Quit Claim Like 0 Dislike 0 I live in Kentucky and my divorce was final 7/2007. In the decree it stated that husband shall recieve the real estate and pay indebtedness owed and hold me harmelss from any liabiltiy theron. I just got papers served to me that had a copy of the morgage and note attached because the home is in foreclosure 2/11. I had signed the Mortgage but not the Note. Sumons says I may claim an interest in property as current spouse? Were divorced will this hurt my credit and will the bank come after me? Should I quit claim?
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Sun Feb 13, 2011 7:23 pm    Post subject: Like 0 Dislike 0 Hi jedwards, If your name is still mentioned on the mortgage docs, then the foreclosure will have a negative affect on your credit score. Your score will go down by 250 points. The bank can also come after you in order to collect the deficient balance resulting from the property sale. Quitclaim deed will only help you in removing your name from the property. It won't remove your name from the mortgage docs. _________________ Procrastination is the enemy of your financial success

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