Posted on: 03rd Nov, 2010 06:59 am
My daughter owns the mortgage on the house i live in, the deed is in my name, she is going to bankrupt, what are my liabilities.
Hi guest,
Welcome to mortgage fit,
Although you won't be responsible for any payments legally but as she being your daughter definitely it will hurt you in subtle level, emotionally.Your credit score won't get affected if you haven't co-sign on the mortgage and your name is only on deed.nothing else!
Lien holder will sale it and recover its dues and if some amount is remaining then it will pass it on to you.
Apart from this you won't be liable for anything............
Feel free to ask any further query if you have.........
DIPA
Welcome to mortgage fit,
Although you won't be responsible for any payments legally but as she being your daughter definitely it will hurt you in subtle level, emotionally.Your credit score won't get affected if you haven't co-sign on the mortgage and your name is only on deed.nothing else!
Lien holder will sale it and recover its dues and if some amount is remaining then it will pass it on to you.
Apart from this you won't be liable for anything............
Feel free to ask any further query if you have.........
DIPA
thanks much