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 hanth23
Joined: 22 Jul 2007
Posts: 23
11.06 Dollars($)
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 Posted: Sat Jul 28, 2007 5:34 am Post subject: Quit Claim Deed |
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| Does signing a quit claim deed, help to avoid delinquent credit reporting on the loan. |
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helping_user
Joined: 31 Mar 2006
Posts: 815
Location: Hawaii
154.76 Dollars($)
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| Posted: Sun Jul 29, 2007 11:46 pm Post subject: |
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No, signing a quit claim deed will not help you to avoid delinquent credit reporting on the loan.
Delinquency is the failure of mortgage payment. And in case if you get fail to make the payment within 15 days then the loan will called as delinquent. Whereas, signing a quit claim deed will transfer only the title on the property. And you will remain the only person who is liable for loan.
Thanks |
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larry
Joined: 27 Jun 2007
Posts: 3328
474.49 Dollars($)
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| Posted: Mon Jul 30, 2007 3:34 am Post subject: |
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Hi Hanth,
Quitclaim deed and delinquency are two completely different concepts and are independent of each other. By signing the quitclaim deed, you transfer the title of the property only and in any way cannot avoid the delinquency on your credit report. On every circumstance, you will have to pay for the due amount of the loan. |
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