Sunday, August 14, 2011

My husband wants me to quit claim our property to him. Home will forclose. I dn't want my credit to be ruined.?

My husband and I are currently living seperately and he wants me to quit claim our property to him. He states that because I am on the loan, that my credit would be in jeopardy if I continue to be on the loan and title to our property since we may be in a foreclosure process in the upcoming months. What would the best process for me to take? We currently owe more than the property is worth and are in the negative. My fear is that I won't have any ownership or ets of our property in the future if we are able to get a loan modification and keep our property. But likewise, I am fearful that my credit will be ruined if I am on the loan and we go into default on our payments and eventually forclosure. What would be the best plan of action for me to take? Could I possibly be on the Title of our property and not on the loan?

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