Quitclaim Deed Remove Payment Field For Free

3 Disadvantages of Quitclaim DeedsNo guarantees to the new owner: Unlike a warranty deed, a quitclaim deed does not guarantee that a property is free from title defects such as tax liens or title claims from third parties.

Quitclaim deeds transfer title but do not affect mortgages.If the grantor has quitclaimed the property with the belief that the grantee will make the mortgage payments, the grantor has no recourse if the grantee stops making payments or sells the property to another party.

Based on that interpretation, it shouldn't ruin your credit if you signed over the condo with a quitclaim deed. Most sellers who do this sort of financing don't report to the credit bureaus unless they do a lot of buying and selling of properties to people who can't qualify for mortgages on their own.

The inherent problems with quitclaim deeds--that is, the lack of title guarantees--offer lenders a valid reason to disallow the release of any now-former owners from mortgage obligations.Whether adding or eliminating owners, recording a quitclaim deed may technically violate the terms of the first mortgage loan note.

Once a quit claim deed has been completed and filed with the County Clerk's Office, the title will officially pass from the grantor to the grantee. The only way to reverse a quit claim deed is to go to court and prove that the grantor was forced to sign the document under duress.

Based on that interpretation, it shouldn't ruin your credit if you signed over the condo with a quitclaim deed. Most sellers who do this sort of financing don't report to the credit bureaus unless they do a lot of buying and selling of properties to people who can't qualify for mortgages on their own.

Having your name on a deed by itself does not affect your credit.