residential real estate
Can I Quit Claim Deed to lender and will I be financially responsible to still pay for property will it affect my credit rating
residential real estate
Can I Quit Claim Deed to lender and will I be financially responsible to still pay for property will it affect my credit rating
Re: residential real estate
It is common practice for a borrower in default to convey the property to the lender, instead of going through a foreclosure proceeding. In general, after you convey the property, you are not responsible to pay any further for the property. You should negotiate with the lender to not report the loan default to the credit bureaus, but that will be tough and any report of less than full payment will affect your credit rating.
Donald Scher
Donald T. Scher & Associates, P.C.
2200 E. Camelback Rd., #102
Phoenix, AZ 85255