Posted on: 03rd Sep, 2009 06:47 pm
I got married 3 years ago, my husband had me sign a refiance document, i didn't realize i was signing my name as a responsible person for the loan. i'm going thru a divorce now and pulled my credit report, the house is now on my credit, will a quick claim deed also remove the debt off of my credit bureau report?
hi susan,
since you signed the refinance documents as a responsible person for the loan, you are liable to pay it off. the mortgage debt will appear on your credit report. if your husband defaults on the loan it will affect your credit scores as well. a quitclaim deed will not help. it cannot transfer your debt obligations. your name can be taken off the loan, only if your husband refinances solely in his name.
since you signed the refinance documents as a responsible person for the loan, you are liable to pay it off. the mortgage debt will appear on your credit report. if your husband defaults on the loan it will affect your credit scores as well. a quitclaim deed will not help. it cannot transfer your debt obligations. your name can be taken off the loan, only if your husband refinances solely in his name.
SusanDennison
It is not possible with the help of quitclaim deed to transfer the liability of loan to anyone else.Quitclaim deed only transfers the ownership of the person and not the loan liability.
If your husband is ready to refinance the loan on his name then it will do otherwise it is not possible for you get rid off and it will continue haunting your credit report.
I hope you got the answer.
It is not possible with the help of quitclaim deed to transfer the liability of loan to anyone else.Quitclaim deed only transfers the ownership of the person and not the loan liability.
If your husband is ready to refinance the loan on his name then it will do otherwise it is not possible for you get rid off and it will continue haunting your credit report.
I hope you got the answer.
no. using quit claim deed you will be transferring property rights to others. before signing it ensure the mortgage will be refinanced. it will automatically remove your name from mortgage & then house loan will not be shown in yuor credit report