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Posted: Mon Feb 08, 2010 5:58 pm Post subject: Quit Claim Deed done back in 1994

Took a Mortgage back in October 1988 which was an assumable loan. In Jan 1994 did a quick claim deed to take my name off the title. My understanding if the people that I did the quick claim to paid the mortgage for 5 years without a late payment, then I should be removed from responsibility from the loan. I just found out thru a friend thru another friend thtT this person just walked away from this house in March of 2009. I haven't been notified by anyone from the mortgage about this. In the meantime I have lived in two different houses and have made my payments on time and have a great credit rating. Am I still responsible for this loan from 1988<

savior70 · Posted: Tue Feb 09, 2010 3:00 am Post subject:

Hi Guest,

Are you still on the old mortgage? Did the person, you quitclaimed the property to, take over the responsibility of the mortgage or refinance the loan? If he didn't, you are responsible for the mortgage. If the payments are stopped and the property goes into foreclosure, it will affect your credit. But in case the person had refinanced the loan in his name, you will not be held responsible for the default on the mortgage.

Guest

The person didn't refinance, nor did the mortage company send me any information about this. I thought they should have sent be a registered mail if I was still resposible for the mortage. I heard the house sold at auction more than the orginal loan was for and what was left on the loan by about 20K. If I'm still responsible for the loan then shouldn't I be the one that gets the 20K?

adonis · Posted: Mon Feb 15, 2010 10:36 pm Post subject:

Hi Mary,

Did the foreclosure sale affect your credit report? If not, then you were not responsible for the loan as I guess the buyer had refinanced the loan in his/her name. However, if the foreclosure sale had affected your credit score, then it means you were liable for the loan. I guess you did not get the extra amount because the property is not in your name.

Guest

The original loan was an assumble loan back in 1994. It has been more than 16 years this happened. The auction took place less than 1 month ago. so I don't see if this hit my credit as of yet. Wouldn't it take more than a month for this to show up on my credit? I was told they didn't refinance nor did I receive anything from the mortgage company.

smithsussane · Posted: Tue Feb 16, 2010 11:48 pm Post subject:

Hi Mary!

Welcome to forums!

If the mortgage docs had your name in it and if the buyer did not refinance the loan, then the foreclosure sale would definitely affect your credit report. The lender needs to report the foreclosure to the credit bureau in order to get it mentioned in your credit report.

Feel free to ask if you've further queries.

Sussane

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Quit Claim Deed done back in 1994