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My father through an attorney added my name on his deed to his home only as a life estate (will pass to me upon his death) so this property won't go to probate. He has a 1st mortgage and he has a 2nd mortgage on the home. I am NOT on any of his notes or mortgages at all. Upon his death, the home would transfer to me. I know I will be responsible then for his mortgages, but I KNOW AT THIS TIME I will be unable to pay those. I have excellent credit rating and I own another home, if a short sale or foreclosure is to happen, how will this AFFECT ME AND MY CREDIT? I'm scared and need advice. What if the house doesn't sell? I am trying to protect my credit rating. Remember I am not on any home loans or mortgages and not on any of his notes. Please help! Need advice. Thanks. Home is in Florida.

chrisgummerson · Posted: Fri Jun 03, 2011 12:50 pm Post subject:

If you are worried about it, and your father is sick, I would get rid of the property now. Once the property has been transferred to you, your father is still on the mortgage. You are not liable for the loan, as you are not on the loan currently. Could you rent out the home, and just keep paying the note?

Posted: Wed Jun 08, 2011 4:03 pm Post subject:

Thanks for replying. I just want to make sure I won't get affected down the road if I'm NOT on the note but if it goes to foreclosure. I can't sell it right now either.

smithsussane · Posted: Wed Jun 08, 2011 10:41 pm Post subject:

Hi Guest!

Welcome to forums!

If your name is not on the mortgage docs, the foreclosure won't have a negative affect on your credit scores or credit report. If your name is mentioned on the property deed, then you will only lose the property when it is sold off at a foreclosure auction.

Feel free to ask if you've further queries.

Sussane

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