i signed a quit claim
2006-08-24 14:39:19 · 8 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Your not on the hook for the loan, however as long as share his name on anything you finance in the future your credit would be affected.
2006-08-24 17:51:32 · answer #1 · answered by Nick R 3 · 0⤊ 0⤋
As most have said the quick answer is no. If you live in a community property state where both are linked together, if the house goes into foreclosure, by mistake since you are married to your husband there might be a tendency to add the wife's name thus the foreclosure appear on your credit report.
To save guard this you should copy the signed loan doc and put them in a safe place so in the event this happen you will have the proof that your husband was the single signature on the mortgage. You should also get a copy of the quit claim deed you signed at closing and put it in the same safe place.
In the event you are inadvisedly charged with a foreclosure you have the proof and can immediately send the credit bureaus proof and any other person that you think might need the information.
I have seen it where this did not happen and the person paid hell trying to prove that they were not responsible for the mortgage payment. Not only that the other spouse was no help and did not assist at all.
I hope this has been of some use to you, good luck.
"FIGHT ON"
2006-08-24 23:17:11 · answer #2 · answered by Skip 6 · 0⤊ 0⤋
Does the mortgage appear on your credit now? If not, then the mortgage company can't legally report the foreclosure on your credit file.
Are you not trying to avoid foreclosure? Besides ruining your credit there is the time and expense of looking and finding a place to live. Filing bankruptcy would be better than being forced out into the street. It would at least stop the foreclosure and give you some time to get on your feet. You can always dismiss the bankruptcy.
2006-08-24 23:02:42 · answer #3 · answered by Sam B 4 · 0⤊ 0⤋
I'm not sure if it will affect your credit, since the loan is in his name only, but I can tell you from personal experience that signing a Quitclaim Deed (at least in the state of California), does not release you from liability. All it does is transfer your interest in the property to the person that you are quitclaiming to. When my ex-husband and I split up, the home that we bought together was in both of our names. I moved out of the house (I could not afford the mortgage payments on my own). He remained in the home. He has a poor history of paying his bills on time, and I knew that once I moved out, he would not keep up with the mortgage payments. I tried to get him to sell the house and split the money with me. When he refused to do this, I suggested he re-finance the home in his name only, which would have released me from any financial responsibility, should he not keep up with the mortgage payments. He refused to do this as well. To make a long story short, within a period of about 4-5 months, he stopped making the mortgage payments, the house went into foreclosure, and he ended up losing the house. Since the mortgage was in both of our names, I now have a foreclosure listed on my credit report. Hopefully this will not happen to you. Good luck!
2006-08-24 22:11:42 · answer #4 · answered by Anonymous · 0⤊ 0⤋
It depends on what state you live in. Contact a lawyer, a bank, or Suze Orman!
2006-08-24 23:07:20 · answer #5 · answered by Jay B 1 · 0⤊ 0⤋
no. if he is the sole borrower, it's not on your credit.
2006-08-24 21:46:14 · answer #6 · answered by JoelMBA 3 · 0⤊ 0⤋
technically NO...but you are married to him so you are also affected.
2006-08-25 00:16:11 · answer #7 · answered by alandicho 5 · 0⤊ 0⤋
no
2006-08-24 21:44:21 · answer #8 · answered by Anonymous · 0⤊ 0⤋