Foreclosure in San Bruno>Question Details

Teresa Feldm…, Real Estate Pro in Los Angeles, CA

Credit rating if on deed but not on note when home is being foreclosed on.

Asked by Teresa Feldman, Los Angeles, CA Sun Mar 14, 2010

I have a ne'er do well brother. He has almost lost his home twice. I wouldn't care, except he has children. The last time, I agreed to bail him out if he quit-claimed the house to me. I didn't file the quit-claim deed with the county, because I couldn't assume his mortgage, but he signed it two years ago.

For two years, I have been making almost the entire 1st mortgage payment; he was paying the small 2nd. I have just discovered that he stopped paying the 2nd a long time ago, and a foreclosure auction is supposed to take place tomorrow. If I file the quit-claim deed tomorrow morning, before the sale, will I be entitled to any excess proceeds? Will going on the title now affect my credit rating if the foreclosure sale goes through?

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Consult with an attorney who specializes in real estate and see what options you may have--a quitclaim deed at this point may not protect you at all from a foreclosure--as for the credit portion--if you are not on the mortgage note it has no effect on your credit. Do all that you can to stop the auction if you want to keep the property.
0 votes Thank Flag Link Sun Mar 14, 2010
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