Posted on: 01st Jan, 2013 11:04 pm
2 years back, my father left back a mortgage owed to Chase and died. The mortgage was in his name but he had turned the house to me few years back. He assured me there was ample insurance to pay it off. Well, he had no insurance. I tried to keep up the payments, but that is when the bottom dropped out of the market and Chase lowered it's appraisal I tried to modify it, but Chase refused and then I tried to "Short Sale" it but Chase drug their feet every time we had a buyer. I can't afford any expenses. Should I just let them foreclose and walk away?
Welcome Baker,
You have mentioned that your name is not mentioned on the mortgage docs as one of the borrowers. In such a situation, you're not liable for the mortgage. You can walk-away from the property and let the lender foreclose it. The foreclosure won't have a negative impact on your credit.
You have mentioned that your name is not mentioned on the mortgage docs as one of the borrowers. In such a situation, you're not liable for the mortgage. You can walk-away from the property and let the lender foreclose it. The foreclosure won't have a negative impact on your credit.
What are you worried about? If your name is not there in the mortgage means you're not responsible for it in any way.
Move out, get a renter in the property, have them pay the mortgage or most of it. Once the property values rebound, you would have a nice property with another making the payment, and eventually it would be paid off. I would never recomend letting go - but if you cant get a renter, or cant get most of the mortgage payment paid by the renter, I guess your only option is to walk. Good luck
