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property was put into my name but not loan. If i walk away will it effect my credit or do i have to sell?

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mjohnson7998 Joined: 27 Oct 2010 Posts: 1 1.00 Dollars($)	Posted: Wed Oct 27, 2010 4:01 am    Post subject: property was put into my name but not loan. If i walk away w Like 0 Dislike 0 my husband passed away alittle over a year ago and the property and loan was in his name only, but the property was transfered into my name but not the loan. I can't handle payments anymore. so If i walk away from house will it effect my credit or do i have to sell it?
adonis Joined: 22 Oct 2005 Posts: 10574 Location: ALASKA 1090.82 Dollars($)	Posted: Wed Oct 27, 2010 10:08 pm    Post subject: Like 0 Dislike 0 Hi mjohnson, As the mortgage is not in your name, if you walkaway from the property, the lender won't be able to come after you. If he forecloses the property, he won't be able to come after you for the balance amount resulting from the property sale. _________________ Procrastination is the enemy of your financial success

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