Compare Mortgage Quotes

menthor · Joined: 01 Jan 2010 Posts: 1 1.29 Dollars($)

My Father just passed away his house is in a living trust my brother and I do not have the means to keep the home and more is owed than it's worth so a short sale is not going to be an option my question is in this case are my brother and I going to be responsible for the loans if we let it go into foreclosure? (California)

smithsussane · Posted: Fri Jan 01, 2010 8:09 pm Post subject:

Hi menthor!

Welcome to forums!

I hope you and your brother's names are not on the mortgage deed. In that case, if the property is foreclosed by the lender, then you or your brother won't be responsible for paying the deficient balance. Thus, your credit will also not be affected. However, as the property is in a living trust, I would suggest you to contact an attorney and take his opinion in this regard before letting the lender foreclose the property.

Feel free to ask if you've further queries.

Sussane

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1