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My name is on the deed but not on the loan of our home. My husband passed away, the loan was in his name.

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lisaechea10 Joined: 07 May 2010 Posts: 1 1.00 Dollars($)	Posted: Fri May 07, 2010 2:24 pm    Post subject: My name is on the deed but not on the loan of our home. My Like 0 Dislike 0 My name is on the deed but not on the loan of our home. My husband passed away, the loan was in his name. I am in a Short sale process right now however it is my understanding that I am not liable for the mortgage and my credit will not be affected. Knowing this should I cancel the Short Sale and let the bank foreclose the property? How much time does this process take. Thank you for your answer in advance.
jameshogg Joined: 20 Dec 2005 Posts: 10460 Location: Nevada 987.57 Dollars($)	Posted: Fri May 07, 2010 9:10 pm    Post subject: Like 0 Dislike 0 Hi lisaechea, As your name is not on the mortgage doc, you are not liable for the mortgage dues or the deficient balance resulting from the short sale/foreclosure. Also, your credit will not get affected for it. You can let the bank foreclose the property. However, you will lose the property if it goes for a short sale/foreclosure. A foreclosure process would take a considerable amount of time to complete and this time limit can vary from one state to another. Thanks

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