Posted on: 09th Feb, 2009 08:50 am
I am do not want to claim ownership of my house. It is a amicable spolit between me and my wife and I am simply giving her the house. There are no problems associated with me wanting my name off such as missed payments.
My questions is will this house stay on my credit score as though I still own it.
does this make sense?
My questions is will this house stay on my credit score as though I still own it.
does this make sense?
hi rmark,
i assume that the home has a mortgage as you are asking about the impacts this will have on your credit. if that is the case, yes, it will remain on your credit as long as you remain on the mortgage.
i would not recommend that you remove your name from the deed/title until you are released from the mortgage. i would advise you to contact your current lender and ask about a novation (removing you from the loan). in order to do this though your wife would need to qualify for the loan on her own. should the lender not go for the novation, you should ask your wife to inquire into refinancing the loan only in her name so that yours can be removed.
please let us know if we can be of further assistance. best of luck.
i assume that the home has a mortgage as you are asking about the impacts this will have on your credit. if that is the case, yes, it will remain on your credit as long as you remain on the mortgage.
i would not recommend that you remove your name from the deed/title until you are released from the mortgage. i would advise you to contact your current lender and ask about a novation (removing you from the loan). in order to do this though your wife would need to qualify for the loan on her own. should the lender not go for the novation, you should ask your wife to inquire into refinancing the loan only in her name so that yours can be removed.
please let us know if we can be of further assistance. best of luck.