If a co-signer on a mortgage dies, the responsibility for the mortgage typically falls solely on the remaining borrower. The lender may require the remaining borrower to refinance the loan in their name or find a new co-signer. If the mortgage is not paid, the lender could foreclose on the property.
legal rights of cosigner on mortgage
My belief is that as long as the mortgage is paid on time by the borrower, there would be no reason to go after the cosigner estate.
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.
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.
The answer is when he dies the reverse mortgage company will settle up the loan, so you will have to either sell the house or refinance with a new mortgage.
legal rights of cosigner on mortgage
My belief is that as long as the mortgage is paid on time by the borrower, there would be no reason to go after the cosigner estate.
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.
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.
The answer is when he dies the reverse mortgage company will settle up the loan, so you will have to either sell the house or refinance with a new mortgage.
You own the land subject to the mortgage.
The mortgage obligation remains on the property. If the holder of the mortgage dies then her heirs own the mortgage.
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.
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.
There is no procedure for this. The mortgage must be refinanced.
if your on the title be prepared to take over the payments.
To obtain a cosigner for a mortgage, you typically need to find someone with good credit and income who is willing to sign the loan agreement with you. The cosigner's financial information will be evaluated by the lender, and they will be responsible for the loan if you are unable to make payments.