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chayasarah · Joined: 15 Mar 2010 Posts: 1 1.29 Dollars($)

We were told a quit claim deed would affect our credit score. We have some property that we need to return to the owner. He is willing to take it back, but we have to do a quit claim deed. How will this affect our credit rating? Thank you very much,

howardnugent · Posted: Mon Mar 15, 2010 4:17 pm Post subject:

If you don't have a regular mortgage on the property and you're returning it to the prior owner who carried owner financing, there should be no impact on your credit score. However, if you've caused the owner some loss, he may be able to file a judgment against you which could show up on your credit report.

Also, if it's a home and you go to get another home, they may want you to document your payment history on this owner financing, and if you have a bad payment history this could impact your approvability.

Guest

if i sign a quitclaim deed will it cause the mortgage to show as a debt that i dont owe on my credit report?

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will a quit claim deed affect our credit