Posted on: 15th Feb, 2010 05:40 am
I was left my fathers house in 2004 when he passed away. The deed was transfered to my name but the loan was not. I have lived their for 10 yrs but I am facing foreclosure. Will I be held financially responsible for the loan balance?
Hi Brianrdexter,
If the mortgage is not in your name, then you won't be responsible for the loan balance. The lender will not be able to come after you for the deficient balance. Moreover, the foreclosure will not affect your credit score or credit report.
If the mortgage is not in your name, then you won't be responsible for the loan balance. The lender will not be able to come after you for the deficient balance. Moreover, the foreclosure will not affect your credit score or credit report.
Thank you,but I am curious who they will go after since the person whos name the loan is in is deceased?? he left it to me. Won't they come after me eventually since the deeds in my name? Theres noone else since he's dead?
as the owner of course, they'd like to have you pay back the debt. but since you're not obligated, they cannot sue you for the indebtedness itself. did your dad leave any sort of estate? that's where the responsibility would lie - with the estate.
Hi Brianrdexter!
Welcome to forums!
Though the deed in your name, you would not be considered responsible for the mortgage if your name is not on the loan docs. The lender would be able to foreclose the property but he won't be able to come after you for the deficient balance that occurs from the sale of the property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Though the deed in your name, you would not be considered responsible for the mortgage if your name is not on the loan docs. The lender would be able to foreclose the property but he won't be able to come after you for the deficient balance that occurs from the sale of the property.
Feel free to ask if you've further queries.
Sussane
My aunt was the executor of the estate. They won't go after her for the money will they?
no...an executor is only charged with specific responsibilities as they relate to the estate. there is no financial obligation tied into those responsibilities.