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What is the responsibility of the estate executor of a deceased co-signer on a mortgage?
Wiki User
∙ 18y ago
Usually all monies of the deceased are frozen for a period of time, then Probate takes place. This means that all monies owing (bills, loans, etc.) are first taken off the Estate. In the case of co-signing the banks should be able to give you more information. Either the person that the deceased co-signed for continues to pay the Estate money owing, or if they have stopped paying on the loan then the loan is a debt and will be taken out of the deceased Estate. No one should ever co-sign (not even to a relative or close family) because the co-signer has total responsibility for paying that loan off. Good luck Marcy
Wiki User
∙ 18y ago
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Can the executor assume the mortgage of the deceased?
The executor must discuss that with the lender. If the executor is going to inherit the property the lender may agree to allow an assumption of the mortgage.
If an adult child is a cosigner on the mortgage to her parents' home can she be relieved of the debt responsibility when she marries?
The mortgage would have to be refinanced without the participation of the adult child as cosigner. Debts incurred before marriage do not become the responsibility of a new spouse.
What are the legal rights of a cosigner on a mortgage?
legal rights of cosigner on mortgage
If we have bad credit will a cosigner help us get a mortgage?
Yes, a person with bad credit can get a cosigner for a mortgage. The cosigner will have to have excellent credit and must go into the office to sign papers to become a cosigner.
What is the responsibility of the estate executor regarding a decedent's mortgage?
The estate is responsible for the debts of the decedent. If the family wants to keep the property the mortgage must be paid or the bank will take possession by foreclosure.
Who pays deceased unpaid mortgage?
If there is a will, the executor makes all mortgage payments from the estate of the deceased.
Can the executor assume the mortgage of the deceased?
The executor must discuss that with the lender. If the executor is going to inherit the property the lender may agree to allow an assumption of the mortgage.
If an adult child is a cosigner on the mortgage to her parents' home can she be relieved of the debt responsibility when she marries?
The mortgage would have to be refinanced without the participation of the adult child as cosigner. Debts incurred before marriage do not become the responsibility of a new spouse.
What are the legal rights of a cosigner on a mortgage?
legal rights of cosigner on mortgage
If we have bad credit will a cosigner help us get a mortgage?
Yes, a person with bad credit can get a cosigner for a mortgage. The cosigner will have to have excellent credit and must go into the office to sign papers to become a cosigner.
What is the responsibility of the estate executor regarding a decedent's mortgage?
The estate is responsible for the debts of the decedent. If the family wants to keep the property the mortgage must be paid or the bank will take possession by foreclosure.
Does the cosigner on a mortgage need to be on the purchase and sale so the seller is aware of a cosigner?
That is an issue between the mortgage company, the buyer and the cosigner. The seller's only worry is selling the property and getting paid.
Can an executor take out a mortgage on the estate to defend it if the house is the only asset and the will is being contested?
That would be their responsibility, to defend the estate. They can use the assets of the estate to do that.
What is the procedure to sue to be released from a mortgage as a cosigner?
There is no procedure for this. The mortgage must be refinanced.
Does mortgage responsibilty fall on the daughters of their deceased dad if he gave them the house with a quit claim deed?
The mortgage is still a lien against the property. A quit claim deed does not affect the liabilities and liens, which are still the responsibility of the deceased, and therefore, his estate.
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.
Are heirs responsible for deceased parents mortgage debt?
No, the executor is responsible to insure the estate is taken care of. Them means either selling the house or paying off the mortgage. One way or another the debts have to be resolved before the estate is closed.
