Defaulting on a Loan

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undefinedWhat is the name of your state? AZ My mother owns a double wide in a retirement park. She and my dad bought it in 1996. She has been making payments on it since then. My dad passed away and we put my name on the titles so if something happened to her, I could sell it. My mother can no longer live alone. We have tried to sell the home, but have not been successful. If she defaults on the loan, will I be liable even though my name is not on the loan? She can no longer pay for the home since her meager income is for her care. My mother has no will, no estate and no executor. Her payments are made to a trust fund of the previous owners so they would get the house back to resell. The house is actually not real estate, but personal property. The titles are obtained from the Motor Vehicle Department, one for each side of the house. Thank you for your help.

 

[Veronica1228]

undefinedWhat is the name of your state? AZ My mother owns a double wide in a retirement park. She and my dad bought it in 1996. She has been making payments on it since then. My dad passed away and we put my name on the titles so if something happened to her, I could sell it. My mother can no longer live alone. We have tried to sell the home, but have not been successful. If she defaults on the loan, will I be liable even though my name is not on the loan? She can no longer pay for the home since her meager income is for her care. My mother has no will, no estate and no executor. Her payments are made to a trust fund of the previous owners so they would get the house back to resell. The house is actually not real estate, but personal property. The titles are obtained from the Motor Vehicle Department, one for each side of the house. Thank you for your help.

If you are not a co-borrower or co-signer then you are not responsible for the loan.