| GMan42 |
| (journeyman) |
| 02/11/09 11:18 AM |
Re: Curious...
|
1) "...what are the consequences?"
The person will have no (none at all) interest in the asset (the house), and complete responsibility for the associated liability (the mortgage). If the payments are not made, the person is responsible for them.
2) "Does this affect their credit history (positively or negatively)" Yes and/or yes.
3) "could borrow against that equity" Since the person signing the quit claim no longer owns anything, they have no equity left to borrow against.
4) "payments are not made... affect that person's credit?" Yes, same as question 2). If the house is refinanced, whoever signs the new mortgage is responsible for the debt and everything that comes with it.