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richardswearingen · Joined: 16 Feb 2009 Posts: 1 1.62 Dollars($)

I am listed on the deed but not on the mortgage. If my father forcloses on the mortgage, am I responsible or impacted in any way? His health is failing and we need to move him to some sort of assistance, however the home (in Florida) is not selling? Due to the current market, he is 'upside down' in the property. The bank has refused to work with him and the only option seems to just move him out of there.

Any thoughts?

Thanks,

Rich

smithsussane · Posted: Mon Feb 16, 2009 10:01 pm Post subject:

Hi richardswearingen!

Welcome to forums!

As your name is not on the mortgage, your credit will not be affected if the property is foreclosed by the lender. Your father's credit will be affected. But if you want to save the property, then you can pay off the debt on your father's behalf.

Feel free to ask if you have further queries.

Sussane

jenkin7 · Posted: Mon Feb 16, 2009 10:05 pm Post subject: avoid foreclosure

Hi richardswearingen,

Since you are not on the title, if the property is foreclosed, you will not be held responsible in any way. But this foreclosure can affect your father's credit negatively, to a great extent. Therefore it's always better to avoid foreclosure. You can also consider going for a refinance.

You can also short sale the property as it will be far less damaging on the credit score than a foreclosure. For a similar discussion on the topic please refer to the page below:
http://www.mortgagefit.com/problems/divorce-shortsale.html#76216

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Am I responsible if my father forcloses?

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