How Will a Quitclaim Deed Affect My Credit?

Quitclaim deeds are not common but may be the best option in some cases. For example, a woman owns both a house and a condo, but rents the condo. The person who holds her condo mortgage is willing to take it back with a quitclaim deed. A quitclaim deed gives all of your interest in the property to the person listed in the deed. If she should decide to go this route, or any person in this situation, she would need the owner to provide her with a mortgage release. A mortgage release states that the mortgage has been satisfied and releases the owner from further responsibility. If you are thinking of pursuing a quitclaim deed, consult a professional to ensure all of the details are taken care of correctly and that you are covered legally. Read the full article here: http://www.bankrate.com/finance/real-estate/quitclaim-deed-affect-credit.aspx