Posted on: 25th May, 2009 11:01 am
I am a widow and I was not on the mortgage loan. My husband did not have a will and so I went through probate and my name is on the deed now. I can not afford the payments any longer. It has been very difficult to keep up. Can the mortgage holder come after me if I stop making payments and move. How do I get my name off of the deed. Is there a way? I have used most of my husbands life ins just to make the payments and can not afford it anymore. I need help. Thanks
You can sell the home but the proceeds will be used to pay off the loan. If you stop making the payments, the lender will simply foreclose. If the property is worth more than the loan balance, then I suggest selling it.
If you do not make payment the lender the right to forclose the property and sell.
Best option wouldbe to seel and pay the loan or do a short sale and apy off the loan.
Best option wouldbe to seel and pay the loan or do a short sale and apy off the loan.
Hi kbythesea,
If your name is not on the loan, you are not responsible for the loan. In this case, if you stop making the payments the house will be foreclosed. But your credit should not be affected in any way.
Thanks,
Jerry
If your name is not on the loan, you are not responsible for the loan. In this case, if you stop making the payments the house will be foreclosed. But your credit should not be affected in any way.
Thanks,
Jerry