Posted on: 21st Nov, 2007 04:14 pm
Hi~
My husband bought a house about a year ago. The next day we discovered termite damage that was not disclosed or reported from pest inspection. Estimated cost to repair is 79,000. I was quit claimed on to the deed after the closing. The home is now in forclosure. I am not on the mortgage but am on the deed. Is this going to effect my credit? Can they foreclose on me? Should I quitclaim the property back to my husband solely??
My husband bought a house about a year ago. The next day we discovered termite damage that was not disclosed or reported from pest inspection. Estimated cost to repair is 79,000. I was quit claimed on to the deed after the closing. The home is now in forclosure. I am not on the mortgage but am on the deed. Is this going to effect my credit? Can they foreclose on me? Should I quitclaim the property back to my husband solely??
Hello Khicks,
Foreclosure will not affect your credit if you are not on the mortgage.
If your home is in foreclosure, you will lose the it. Otherwise it will not damage your credit.
You may sign a quit claim to transfer your ownership interest to your husband, if you are willing to do so.
Foreclosure will not affect your credit if you are not on the mortgage.
If your home is in foreclosure, you will lose the it. Otherwise it will not damage your credit.
You may sign a quit claim to transfer your ownership interest to your husband, if you are willing to do so.
An attorney or debt collector for the mortgage company sent us a letter stating default has been made on our mortgage. Naming my husband and me!!! (I have all paper work) I'm not on the mortgage. I am 100% positive I was only quit claimed on to the title. Any advice? I'm extremely nervous.
Hello Khicks,
If you are not on the mortgage, then there is nothing to worry about. Your name has been stated on the letter because you are the co-owner of the property.
If you are not on the mortgage, then there is nothing to worry about. Your name has been stated on the letter because you are the co-owner of the property.