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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Anna M Brocco, Agent, Williston Park, NY
Sun Mar 14, 2010
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.
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