Posted on: 18th Aug, 2008 04:43 am
we purchase a house 3 yrs ago and the loan is under mom's name but my name is on the title. since the value of the house drop 30% from the original price and the mortgage is high, we are thinking of letting it go and just buy a much cheaper and affordable mortgage payment. can the lender come after me if i purchase a house under my name?
Welcome Guest.
The lender will not come after you as you are not on the loan. But if the mortgage is foreclosed and the property is sold then it may affect your credit as you are also on the deed. How much do you owe?
The lender will not come after you as you are not on the loan. But if the mortgage is foreclosed and the property is sold then it may affect your credit as you are also on the deed. How much do you owe?