Posted on: 15th Jun, 2010 02:15 pm
My husband first wife passed away and he has found out that the mortgage loan was only in her name but the deed is in both names, he now wants to sell the home and purchase another but can't get any infor at this point. is he responsible for the balance of the loan if he decides to just walk away? is it best that he have his name added as owner on the loan the equity is not that great?
Hi pjackson,
As your husband's name is not on the mortgage docs, he is not personally liable for the dues. If he walks away from the property, the lender won't be able to come after him for the dues. However, as the lender holds the lien over the property, he would be able to sell off the property in order to recover the dues if the loan is not paid on time. Your husband can refinance the loan in his name and pay off the dues on time. This will make him liable for the property as well as the loan.
Thank
As your husband's name is not on the mortgage docs, he is not personally liable for the dues. If he walks away from the property, the lender won't be able to come after him for the dues. However, as the lender holds the lien over the property, he would be able to sell off the property in order to recover the dues if the loan is not paid on time. Your husband can refinance the loan in his name and pay off the dues on time. This will make him liable for the property as well as the loan.
Thank