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yfz450 · Joined: 17 Aug 2011 Posts: 1 1.37 Dollars($)

My house is under my name only and I want to do a streamline refinance to lower my interest rate from 6.5 to 4.8 through my bank. My bank wants my wife to sign documents at the closing or sign a Quit Claim Deed to have the property vested as your sole and separate property. If she sign the quit claim deed, and in the future if I cant make payment and my house goes in short sale or foreclosure can she get bad credit if I lose my house? My house is upside down and dont realy want my wife credit to go down with mine is I couldnt make payments.

smithsussane · Posted: Wed Aug 17, 2011 10:12 pm Post subject:

Hi yfz!

Welcome to forums!

If your wife's name is not mentioned on the mortgage and the property deed, then the foreclosure of the property won't affect her credit in a negative way. Her credit won't go down in any way.

Feel free to ask if you've further queries.

Sussane

Guest

My wife's name will be on the deed, but not on the loan. What would be better for her to sign the quit deed or the non-obligor? If we would lose the house. Would the non-obligor affect her credit if I would lose my house

adonis · Posted: Wed Aug 24, 2011 11:07 pm Post subject:

Welcome yfz,

If your wife's name is not mentioned on the mortgage docs, then she won't be affected in any way if you lose the property. Moreover, her credit report also won't be affected due to this as she is not obligated to pay the loan in any way.

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will my wife be in bad credit?

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