Posted on: 27th Oct, 2010 04:01 am
my husband passed away alittle over a year ago and the property and loan was in his name only, but the property was transfered into my name but not the loan. I can't handle payments anymore. so If i walk away from house will it effect my credit or do i have to sell it?
Hi mjohnson,
As the mortgage is not in your name, if you walkaway from the property, the lender won't be able to come after you. If he forecloses the property, he won't be able to come after you for the balance amount resulting from the property sale.
As the mortgage is not in your name, if you walkaway from the property, the lender won't be able to come after you. If he forecloses the property, he won't be able to come after you for the balance amount resulting from the property sale.