 rudcehncoa
Joined: 30 Mar 2009
Posts: 1
1.00 Dollars($)
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 Posted: Mon Mar 30, 2009 5:32 am Post subject: If I am only on the deed, but not on the mortgage, how I am |
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If I am only on the deed, but not on the mortgage, how I am liable if the property goes on foreclosu...Because of personal reasons and a job loss, my sister will be going out of the country, and will let her property go to foreclosure. My name is on the deed, but not on the mortgage. Will I be responsible for anything or will it go on my credit ?
A from Florida |
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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| Posted: Mon Mar 30, 2009 10:45 pm Post subject: |
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Hi rudcehncoa,
If your name is only on the property deed and not on the mortgage, you'll not be liable to pay off the mortgage dues. If the lender forecloses the property, your credit will not get affected. Moreover, the lender cannot sue you for the deficient amount. However, if you want to save the property, then you can refinance it in your name and start paying the mortgage dues.
Thanks |
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