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    popito's Avatar
    popito Posts: 2, Reputation: 1
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    #1

    Feb 28, 2008, 06:02 PM
    Name on the deed not on the note, will it affect my credit
    I bought an expensive parcel of land with 2 partners. The property is on short sale right now, only 1 partner's name is on the mortgage/note, the other 2 are just on the deed via quit claim. However, all 3 of us got served by the court. Are we responsible for the mortgage/note, though our names are not on it? What happens if it doesn't sell and forecloses, will it affect the 2 partners that are on the deed and not the mortgage/note? Thank you.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,302, Reputation: 7692
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    #2

    Feb 28, 2008, 06:37 PM
    Since you decided to quit claim to the deed ( most likely in violation of the terms of the loan) Next if you are being served for foreclosure it is not in short sale, short sale is where you sell it for less and the mortgage company accepts that.

    But for the lender to take legal ownershiip of the property, they have to sue all of the people listed on the deed. You should have quit claimed it back to the other owner prior to the foreclosure.

    Since you are a party to a foreclosure, it is possible it will hit your credit report
    popito's Avatar
    popito Posts: 2, Reputation: 1
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    #3

    Feb 28, 2008, 06:45 PM
    Thank you for your reply, I think I will have to speak with a lawyer soon to be sure

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