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Posted in Mortgage
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Question By
NCPeanut64

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late loan payments on loans from past marriage
My Ex still has an open loan that was created when we were married. I have signed a quit claim deed, but it still shows on my credit report. He is consistantly late on his payments. How can i prevent it from ruining my credit or how can I have it removed totally?

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Quit Claims do not relieve you of any debt. You will have to contact the creditor and have yourself removed from the obligation, if they will do it. In some instances they may not have any obligation to do it though. If, through the terms of a divorce, he assumed that particular debt please realize that the creditor is NOT bound by the orders of a divorce court. Only your EX has an obigation to pay the debts. If he does not then he is only in contempt of court. The creditor may still come after you for repayment.

Again, the creditor may or may not have any obligation to remove you from liability. You have to contact them to find out what they rely upon to hold you liable and place the late pays on your report.

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Reply by
jwsister

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And, you said the loan began while you were still married, so the part of the credit history up to the time of the divorce is still part of your credit history for the next 7 years.

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