Would home foreclosure affect my credit and force me to pay since my husband is the only borrower?
I live in Fl and my husband is recently deceased. There are 2 loans-200,000 (principal and interest)-36,000 (interest only). The combined monthly payments are $1,512.00 and it has been a struggle to pay this along with ins., taxes, and upkeep. I am listed as the owner of the property in the county office now, however not a borrower on the loans. I am writing to the company to get a deed of trust to verify and document that I am not a borrower on the loan. I'm considering what my options are for I will be in real trouble if I continue this way.
If your name is not on the loan, the foreclosure won't affect your credit, and the lender can't come after you for the balance because you did not personally guarantee repayment of the loan. There is no shame in letting go of a home that was purchased when your husband was able to contribute to making the payments. I am sorry for your loss, and hope you are able to find a situation that is better for you financially.
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