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New Visitor
Posts: 2
Registered: ‎07-02-2008
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Will having my name on the Title affect my credit?

My father in law bought a house in 07 and decided to put my husband and my name on the title. Will it affect our credit if my father in law forecloses the home?
Moderator Emeritus
Posts: 5,267
Registered: ‎03-18-2008
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Re: Will having my name on the Title affect my credit?

I think it should just affect the persons on the mortgage, but I could be wrong.

Regardless of whether it would affect you or not, it would probably be a wise thing for you and your husband to sign a quitclaim deed over to your father and get your names off the title. It's not doing you any good at this time.
New Visitor
Posts: 2
Registered: ‎07-02-2008
0

Re: Will having my name on the Title affect my credit?

thanks for the advice.I will be doing to the county this monday.
Regular Contributor
Posts: 112
Registered: ‎05-16-2007
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Re: Will having my name on the Title affect my credit?

Foreclosures will only show up on the credit report of the mortgagor or anyone else who assumed or guaranteed that mortgage. Other people such as 2nd mortgagees and tenants will be listed on the foreclosure papers, but it won't hurt their credit.
Super Contributor
Posts: 8,360
Registered: ‎09-28-2007
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Re: Will having my name on the Title affect my credit?

If you were appling for a mortgage, on the application it asks if you've ever had a property foreclose on you... and since technically you are on title of the home that went into foreclosure, you'd have to answer "yes" to that question and provide a lot of documentation regarding it.
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