Posted on: 05th Jan, 2009 06:43 pm
I signed a quick deed to my ex-wife on the property. Now she wants to file bankruptcy will this effect my credit?
Hi hknight,
As you have signed a quitclaim deed to your ex-wife, that means you have given away the ownership of the property. However if there is a mortgage on the property then your wife should have refinanced it. If your wife has refinanced the mortgage in her name, then your credit will not be affected. If she has not refinanced the mortgage and if your name is still on the mortgage docs, then your credit will be affected. The lender will still consider you to be liable for the payments.
Thanks
As you have signed a quitclaim deed to your ex-wife, that means you have given away the ownership of the property. However if there is a mortgage on the property then your wife should have refinanced it. If your wife has refinanced the mortgage in her name, then your credit will not be affected. If she has not refinanced the mortgage and if your name is still on the mortgage docs, then your credit will be affected. The lender will still consider you to be liable for the payments.
Thanks