Get Out Of Ownership
Get Out Of Ownership
My sister has a home that I rent. She wanted to transfer the ownership to me. We signed a Quit Claim Deed and my name is now the only name on the deed, but her name is the only name on the mortgage. I want to move and I am not in a leasing agreement. What happens if I stop paying her mortgage and move? What consequences will I face since my name is on the deed? What happens to the house?
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If the home forecloses it could hurt you if you want to buy - it may not reflect on your credit since you are not responsible for the mortgage but if you want to buy later they will ask f you have had a home foreclosed on - if you have there are lengthy waits for all programs before you are elgible again
Brian Barnes
Brian@Aimwithfocus.com