None, other than it not becoming a part of the person's credit history. A deed gives the persons named the legal right to ownership. A mortgage obligates the signers for repayment of the loan amount.
if you acquired your interest be deed after the mortgage was granted: You are not responsible for the payment of the mortgage and default will not affect your credit record. However, if the mortgagor...
usually - if you have a mortgage, the bank holds the deed. only when you own the house in your own right - ie you have no money owing - you have your name on the deed.
The mortgage will be paid off from the proceeds of the sale. The buyer's attorney will make certain the mortgage is paid off before the buyer takes title.
You have asked a complicated question. Many people execute a quitclaim deed to a partner or spouse after they have purchased and mortgaged their property. If that is the case, the original owner...