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LegalKnowledge, Attorney
Category: Legal
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Six months ago a quit claim was done to add my name on the

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Six months ago a quit claim was done to add my name on the deed to a condo that my parents own. Recently, my parents were served with foreclosure documents on the condo. The document listed my name as one of the owners of the property along with my parents. My name IS XXXXX XXXXX the mortgage loan for the condo. What is my degree of liability and will it affect my credit score if the foreclosure takes place.
Submitted: 6 years ago.
Category: Legal
Expert:  LegalKnowledge replied 6 years ago.

Having your name on the deed simply gives you an ownership interest in the property. Since you have a vested interest, you had to be notified of the foreclosure. As far as the foreclosure goes, only those who signed for the mortgage/loan will be held liable for a deficiency judgment and have a negative effect on their credit report.

Customer: replied 6 years ago.

Does this advice also aplly to the city of Chicago?

Expert:  LegalKnowledge replied 6 years ago.

Yes. When a person(s) sign for a loan, they agree to repay the amount borrowed. If they fail to repay it, they can be sued. Only those people who signed it, are held liable.


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