Posted on: 02nd Apr, 2010 09:06 pm
My husband who past away in 07 was the only person listed on the loan application for a home mortgage that I have been paying. Both of our names are listed on the deed, and I have been making the mortgage payments since 07. I am no longer able to make mortgage payments. Will this action effect my credit?
As your name is not mentioned on the mortgage docs, the lender will not be able to hold you responsible if you stop the payments now. After you stop the mortgage payments, the lender will foreclose the property. Though you will lose the property, you won't be liable for the deficient amount resulting from the sale. Also, your credit won't get affected due to this foreclosure.