What to do if as per my divorced I signed a quit claim to our property but my ex didn’t pay the mortgage so was evicted and now it shows on my credit report?
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What to do if as per my divorced I signed a quit claim to our property but my ex didn’t pay the mortgage so was evicted and now it shows on my credit report?
This foreclosure can affect my future rental choices. Is it worth the time and money to have this expunged or can I just explain situation to future landlords?
Asked on October 5, 2012 under Real Estate Law, Minnesota
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
First an expungement only applies to a criminal conviction so such a procedure does not apply to your credit issue. The problem with many dissolution agreements these days is that the unit that is marital property is usually worth less than the loan on it so that re-financing the loan cannot be done.
As a result when one spouse releases his or her interest in the property per a divorce decree to the other and the spouse who receives it cannot make the payments and the property is foreclosed upon where both parties are still on the loan, both get a negative credit rating which nothing can be done for until the passage of seven years where the negative mark falls off the credit report with respect to the foreclosure.
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