Posted on: 16th Jan, 2013 11:32 pm
Hello everyone… need suggestions!! Bought a house 4 years ago. Due to my bad credit, my name is only on the deed, but my mortgage is in my Grandma's name. The down payment and all payments since have come from me. However, due to financial struggles I have been unable to make several needed repairs. My Grandmother passed away few months back. Can I walk away from the property and not be liable for the loan.
Hi Binny,
If your name is not mentioned on the mortgage docs, then you won't be liable for paying the loan. The lender won't be able to come after you in order to recover the debts. So, you can walk away from the property.
Take care.
If your name is not mentioned on the mortgage docs, then you won't be liable for paying the loan. The lender won't be able to come after you in order to recover the debts. So, you can walk away from the property.
Take care.
Welcome Binny,
Yes, you can walkaway from the property if you are not an owner of it. Once you walkaway, the property will be foreclosed but it won't have a negative impact on your scores.
Yes, you can walkaway from the property if you are not an owner of it. Once you walkaway, the property will be foreclosed but it won't have a negative impact on your scores.
yes,you can walk away from property, because documents doesn't have your name on it, so you/re not a owner!!
