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What happens to your mothers mortgage if she dies and you are her cosigner but not on the deed?
Wiki User
∙ 12y ago
The short answer is, nothing good. As a co-signer, you are still responsible for making sure the mortgage payments are made in full on time. However, you should talk to the bank that holds the mortgage to see what you need to do, particularly if the title of the house doesn't come to you through the will or settling of the estate.
Wiki User
∙ 12y ago
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Your grandmother is a cosigner on your mothers house and your mother is now deceased is your grandmother now the owner?
Signing on a note is not the same as being on the deed. She certainly has a claim on the property, particularly if she helped pay the mortgage.
What happens if the mortgage and deed are in two names and one claims banckrupcy?
What happens if the mortgage and deed are in two names and one claims banckrupcy
Can you get a joint mortgage with your grandparent and what happens if she dies can i keep the house and mortgage?
The type of deed will determine what happens to the property after her death. If there is a right of survivorship, you will get the house. The mortgage company determines whether you keep the mortgage or have to refinance.
Can your mom buy a house for you if you filed bankruptcy?
Yes. But the deed and mortgage would have to be in her name. It would not be your property.Yes. But the deed and mortgage would have to be in her name. It would not be your property.Yes. But the deed and mortgage would have to be in her name. It would not be your property.Yes. But the deed and mortgage would have to be in her name. It would not be your property.
Does your cosigner have to be on the deed if you want to use the property for collateral on a loan?
The cosigner would need to agree. At the very least, consider what you are doing before you even ask.If you needed a co-signer for the first thing, your finances are in disarray. You should be able to refinance the first loan in your name only and then and only then consider adding to your debts.AnswerNo. A person who agrees to be a co-signer on a note and mortgage does not need to be on the deed. However, if you don't own the property then you should not promise to guarantee the mortgage will be paid.A co-signer on a note and mortgage is completely responsible for paying the mortgage if the primary borrower defaults. If someone has asked you to sign their note and mortgage you should consider the request carefully. If you decide to go ahead and sign you should also consider requiring that they execute a new deed with you as the co-owner of the property.
Your grandmother is a cosigner on your mothers house and your mother is now deceased is your grandmother now the owner?
Signing on a note is not the same as being on the deed. She certainly has a claim on the property, particularly if she helped pay the mortgage.
You on the deed but not the mortgage. When partner dies what happens You are on joint tenancy with him on the deed?
You own the land subject to the mortgage.
What happens if the mortgage and deed are in two names and one claims banckrupcy?
What happens if the mortgage and deed are in two names and one claims banckrupcy
What happens if your spouse dies you're not on the mortgage but have the deed in your name?
Generally that means the mortgage was given to the bank before your name went on the deed. In that case you need to pay the mortgage or the bank will take the property by foreclosure.
What happens when you remove a cosigner from your house deed?
First and foremost, you cannot remove a "co-signer" of a mortgage from the obligations of the mortgage. They may release their interest in the property by signing a deed but that doesn't release them from their obligation to pay the mortgage.This type of situation often happens in a divorce when the parties have a poorly drawn agreement that one will convey their interest to the other and the other will take responsibility for the mortgage. It doesn't work that way legally. The bank is not bound by a divorce agreement. The mortgage must be paid off and refinanced in the name of the person who will take sole ownership.
Can you get a joint mortgage with your grandparent and what happens if she dies can i keep the house and mortgage?
The type of deed will determine what happens to the property after her death. If there is a right of survivorship, you will get the house. The mortgage company determines whether you keep the mortgage or have to refinance.
What happens to the mortgage if you sell deed with right of survivorship?
You must notify the bank of the transfer and arrange to pay off the mortgage in full.
What happens if a piece of property you purchased by quit claim deed has a mortgage against it?
You must pay the mortgage or the lender will take possession of the property by foreclosure.
Can your mom buy a house for you if you filed bankruptcy?
Yes. But the deed and mortgage would have to be in her name. It would not be your property.Yes. But the deed and mortgage would have to be in her name. It would not be your property.Yes. But the deed and mortgage would have to be in her name. It would not be your property.Yes. But the deed and mortgage would have to be in her name. It would not be your property.
Can the cosigner sell the house if his name is not on the deed and the primary borrower has missed 3 payments?
No. If you are not on the deed, you can't sell the property. The only "right" you have as a cosigner is the obligation to make the payments.
Is a quitclaim deed the same as a mortgage deed?
No. A quitclaim deed transfers the property to a new owner permanently. A mortgage deed is a conditional deed that transfers title to the bank only until the mortgage is paid and then the bank must release its interest.
In New Jersey can a cosigner be removed from the deed without signing the quitclaim deed form?
The obligation of being a cosigner and the inclusion of the person's name on a deed are two different issues. Being removed from a deed does not relieve the cosigner of the financial obligation of the loan. In addition, a quit claim to property is usually necessary, the action needed depends upon the laws of the state where the property is located.
