How Long?

[Anonymous]

I owned a home for one year and just signed it over to the co-owner to get my name off it. How long would it take for that mortgage and debt to not show on my credit? How would that effect my score?

[ShanetheMortgageMan]

If the only thing you did is sign the the home over to the co-owner (at the time you owned it), and you were on the mortgage, then it'll continue to report until it is paid off... as signing over a home doesn't release you from the mortgage liability.  You'd need to contact your lender and inquire about a "Novation Agreement" which is where a partial amount of the total borrowers on the current mortgage would try to qualify for it on their own - however a Novation Agreement is not done often, and most likely your lender will have never heard of such a thing unless you get a supervisor on the phone.  The other option is to refinance it into the existing owners names.

[Anonymous]

Actually all the paperwork that needed to be done so my name is not on the home or the debt was completed and signed at the end of July. It wasnt just signed over.

[ShanetheMortgageMan]

If you are no longer obligated on the debt, then no further payments should be reported to your credit report.  Past payment history may remain as long as the creditor is legally allowed to report it however.

[Anonymous]

So from July, how long until it will not show up as a debt on my credit any longer?

[ShanetheMortgageMan]

Think it's 7 years but I'm not a credit expert, I'm a mortgage expert, I'm sure someone who knows without a doubt will confirm soon though.

[Anonymous]

Closed accounts remain for up to 10 years.

Although the loan was not closed, the history on the loan could remain for up to 10 years.

Negative items remain for 7 yrs.