Question I currently have a rental property for sale and because of the amount owed cant really afford to lower the price and I cant afford to continue to pay the mortgage so a realestate agent told me to do a Quick Claim Deed under a business name so if I have to foreclse on the property it wouldnt effect my personal credit.This is in Mo. is this true? Also I was told by someone else that foreclosure will stay on your credit for 2yrs. also in Mo,is this corret or do you have any suggestions. Thank you.
Answer Hello... unfortunatley both statements given to you are incorrect! If you foreclose on the property it will affect your personal credit no matter who the property is deeded to as you were approved for the loan under your personal information! A foreclosure will stay on your credit for 10 years, however you may be able to qualify to purchase a new home after 2 years. I hope this helps, please feel free to let me know if you should need anything further. Have a great day!
