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Your mother is co signing for your daughters house if she dies and the loan is in default what happens?
Wiki User
∙ 18y ago
Be sure your mother has a Will. This is extremely important and here is why: When a person passes away there is usually a Will. A home, properties (monies: stocks/bonds/savings accounts, etc.) as well as contents is called an "Estate." Before any monies or properties go to the heirs left in that Will, it should go into "Probate." Probate makes sure that all personal taxes, property taxes and outstanding bills including loans are paid off from the residue of the deceased. Once that is done then whatever is left after paying these debts is the total Estate to be divided amongst the Heirs as instructed by your mother in her Will. If your mother doesn't provide this in her Will any family member can take over the mortage (providing the Heirs agree) and is a good choice even if you have to rent it out to pay the mortgage.) Of course either the Will or taking over a house after your mother passes away is good cause for lawyer intervention. Some banking institutions will supply you with a lawyer. I need not tell you to read the contract carefully. Marcy
Wiki User
∙ 18y 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 your brother defaults on a loan that your mother used property as collateral for?
Unless your brother and/or your mother borrows money to get current on the first loan, the lender will begin the foreclosure process on your mother's property (assuming you are referring to real property, a.k.a. real estate).
My parents put their house up as collateral on a business loan for my brother. The loan is in default. If my father dies how will the loan be satisfied?
If your father is the only one who co-signed for the loan, and the title to the property is vested in both of their (your mother and father) names "as joint tenants"...upon your father's death, the title automatically belongs to your mother and she becomes the sole owner to the property. Since she did not co-sign (if in fact, she did not), the bank cannot run after the property as it automatically became your mother's property, however, if your mother co-signed as well...she will have no way out, but be forced to pay your borther's debt or collect by forcing your mother to sell the house, etc...
How does co-signing for a mortgage for your mother affect your credit rating and chances of getting a home of your own at a later date?
The main affect is, it will show on your debt to income ratio as a current debt, because if you are co-signing, you are saying that if she doesn't pay, then I will. So with the possibility of owing two mortgages, if you want to get your own home, you better make a lot of money. If you can only afford one mortgage, then if you sign on hers, then that will probably be the only mortgage you will be able to be on, until you get off the loan.
Father died 2 years ago mother is elderly and brother lives with her helping with mortgage payments and upkeep on house if something happens to mother can brother continue to pay?
Your mother needs to do some estate planning now. If the house is in mother's name alone her estate would need to be probated for title to the real estate to pass to her heirs. She could transfer the property now to herself and her children as joint tenants and the property would automatically pass to the children upon her death with no need for probate. Since brother is helping her financially with the house she could transfer it to herself and brother as joint tenants then he would become thw sole owner upon her death. You should seek the advice of an attorney to discuss your options and the consequences of a transfer (including the mortgage). Brother should keep a good record of any sums of money he spends on mortgage payments and upkeep. The funds should be paid over to his mother by check or deposited in her account by check.
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