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name on loan

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mskitny Guest	Posted: Mon Sep 13, 2010 12:00 pm    Post subject: name on loan Like 0 Dislike 0 6 yrs ago, my friend and I purchased a home. Although we both applied for the mortgage, only his name was on it when it went through. Both names were on the deed from day one. Later he wanted to get out of it and signed a quitclaim deed which was recorded. So now the I am the only one on the deed, but I am not on the loan. My friend says let it go to foreclosure if I can't pay it. I am having difficulty paying it and want to know what my obligations are. What, if any, effect would it have on my credit? My friend expressed no concern for his credit. Location is Las Vegas, Nevada _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Tue Sep 14, 2010 3:26 am    Post subject: Like 0 Dislike 0 Hi mskitny! Welcome to forums! As your name is not on the mortgage, you're not personally liable for the mortgage payments. You can let the lender foreclose the property. Though you'll lose the property, your credit won't be affected. It is your friend's credit which will take a negative hit. Feel free to ask if you've further queries. Sussane

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