If my dad placed his deed in my name shared with my brother and sister, does that affect my credit?

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If my dad placed his deed in my name shared with my brother and sister, does that affect my credit?

Does it effect my appications for renting or buying my own house?

Asked on September 10, 2012 under Real Estate Law, Washington

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

Owning a home - even in name only - can indeed impact you credit and have an impact on both owning and buying a home.  As the "owner" you are responsible for the taxes on the house even if you are not on the mortgage.  The taxes run with the property not the loan.  If there is a default, though, on either your name will pop up on the mortgage foreclosure (they have to name all owners even if not on the loan) or a tax foreclosure.  Credit effects renting and owning.  Look in to this wisely.  Good luck.


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