My name is still on a mortgage with my ex-wife. I checked my credit report and the mortgage is on there, but it is all zero's. I signed a quick claim deed but it looks like credit report is okay. If the home forecloses will that effect my credit? The rest of the report is correct. You know credit cards, car loans, etc.. The total of the loan is on there but the rest of it, for example balance states zero? What does this all mean? Did the report get messed up or something?

Unless she refinanced the mortgage.. your name is still on it, and you still lave a legal liability.

The divorce settlement should have required she refinance to get your name off the loan. Unless you had the Law firm of Larry, Moe & Curly representing you.

A quit claim deed only gives her your part of the house... if doesn't relieve you of an obligation to pay for it even if you no longer own a part of it. Completely separate issues.

But if it is forclosed... yeah... you are going to take a BIG hit on your credit score.

If the home forecloses will that effect my credit? Hello r:

Yes. I don't know what all zeros mean, but the bank doesn't care that you quit claimed your interest.. They only care that you're on the hook for the money, EVEN if you don't have an interest in the property. That's you.

I don't know if I would have done that... You have only DOWNSIDE exposure - no up. If the market turns around and she sells the house for MORE than the mortgage, she GETS to keep all the profits... If it goes into foreclosure, she SHARE'S the downside with you..

excon