Home Buying in 91401>Question Details

Pshady623, Home Buyer in Mishawaka, IN

my name is not on the loan but on the deed.I am not married

Asked by Pshady623, Mishawaka, IN Mon Mar 4, 2013

can i quit claim my part of the deed if house is going to be sold short sale? Will it affect my credit score or show up on it since my name is not on loan?

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John Walin’s answer
Definitely get off deed ASAP, talk to attorney, you do not want to be a party to fraud if in fact this is a parent situation doing strategic default after recent refinance. Why would a relative put you on deed? As an heir, you inherit the asset and the liability of taxes and HOA's.

Seen this scenario before, don't think you can be a tenant there until it formally forecloses, especially after recently being removed from deed and claim to an arms length lease transaction. If you are paying rent to relative, who stopped paying mortgage and trying for short sale approval, and you were formerly on deed the lender will find out when they do title work.
1 vote Thank Flag Link Sun Mar 17, 2013
Yes you can quit claim yourself off of the deed. It will not affect your credit score as you were not on the loan.
0 votes Thank Flag Link Fri Nov 8, 2013
It is easy to add/remove the name from the dead, call a title company. Let me know if you need recommendation of a fast, affordable title rep.
0 votes Thank Flag Link Tue Apr 2, 2013
Yes you can quit claim your name off the deed. No it should not hurt your credit score
0 votes Thank Flag Link Thu Mar 7, 2013
As long as your social security is not attached to the loan, you will not be affected by it.
0 votes Thank Flag Link Wed Mar 6, 2013
Hi there,
You should be able to get your name off of the deed before the short sale. Since you're not attached to the loan, then your credit will be okay. However, it would be best for the person that is on the loan to short sale. I do short sales for my clients every day. Feel free to contact me at any time. 818-903-2040

Good luck,
Sara Mehrpouyan CDPE
Specializing in Short Sale & Foreclosure
Rodeo Realty
Direct 818-903-2040
Dre License #01712757

0 votes Thank Flag Link Mon Mar 4, 2013
Yes you can quit claim off of title. If the home is subsequently short sold it will not affect your credit. If you're considering a short sale please email or call me. I'm experienced in short sales and available to answer any questions you have. I'm in Sherman Oaks and Van Nuys is in my market. Please don't hesitate to contact me.
Brian Fisk
Keller Williams Realty
(818) 780-3456
0 votes Thank Flag Link Mon Mar 4, 2013
Yes you can. I did this recently for a lady who's parents were also on title but not on the loan for a short sale & it's just easier for me to deal with & get signatures for 1 person rather than all 3, when 2 of them are not on the loan. If you're not on the loan it won't affect your credit, holding title is not reporting to the credit agencies, only where credit is being given (a loan, credit card etc)

Is the property needing to be short sold in the Van Nuys area? I have successfully completed 99% of the short sale listings I've taken, the average agent has a 30-50% success rate, notice how no other agent has answered your question after a few hours since you posted it? This is because most agents don't want to deal with short sales or don't know how to.

I have closed short sales up to a 300 mi radius of where I live, I'd be happy to talk to you about your situation further & tell you how to do the quitclaim deed transfer.

Shoot me an email directly, I don't look back on this same Trulia posting for answers after mine.

Emily S. Knell
562-430-3053 c
Realtor Since 1996
Realty ONE Group
Short Sale Listing Agent w/ 99% success rate
0 votes Thank Flag Link Mon Mar 4, 2013
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