corsetiere
New Member
This might be a bit of a sticky one... goodness knows I'm sweating over it! My husband passed away two years ago at the age of 31, and after wasting about 15K paying the taxes and mortgage, not to mention the heat and maintenance on the 2000 sqf. house we owned in PA, I've decided to foreclose on it. I tried to sell it with no luck, and I cannot afford to keep it even with a tenant in it.
Here's the catch. My name is on the deed along with his, but my name is NOT on the mortgage. He signed for the loan. Now that the court papers have been filed and the bank knows he's deceased, they're listing me as the mortgagor/borrower even though it wasn't my debt.
The attorney I consulted when I chose to take this path told me that the bank could not come back on me for the debt. All they would do was take the house, which was the solution I was after. But, since the court documents are worded this way, should I be worried that this foreclosure will affect my credit? They sent some papers offering options to avoid foreclosure, including a deed in lieu. I'm opting not to fill out any of these forms right now because it would mean disclosing my SS# and therefore giving them access to report to the credit bureaus.
I will be eternally grateful for any thoughts on this issue. Cleaning up the disaster left behind by my husband's early death has been an ongoing crisis, and I really need all the help I can get! Many, many thanks.
Here's the catch. My name is on the deed along with his, but my name is NOT on the mortgage. He signed for the loan. Now that the court papers have been filed and the bank knows he's deceased, they're listing me as the mortgagor/borrower even though it wasn't my debt.
The attorney I consulted when I chose to take this path told me that the bank could not come back on me for the debt. All they would do was take the house, which was the solution I was after. But, since the court documents are worded this way, should I be worried that this foreclosure will affect my credit? They sent some papers offering options to avoid foreclosure, including a deed in lieu. I'm opting not to fill out any of these forms right now because it would mean disclosing my SS# and therefore giving them access to report to the credit bureaus.
I will be eternally grateful for any thoughts on this issue. Cleaning up the disaster left behind by my husband's early death has been an ongoing crisis, and I really need all the help I can get! Many, many thanks.
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