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patricia · Joined: 16 Jan 2008 Posts: 133 0.94 Dollars($)

When we took out our home loan about 11 years ago,we had my father in-law co-sign as our credit was not that good. He has since passed away. The bank has said nothing to us about having a new co-signer. Do we need to get one or just wait and see what the bank tells us.. I am thinking it must be ok to not have one, since they have said nothing .

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi patricia,

Welcome to the forum.

I think as long as you are making your mortgage payments on time and the bank is not asking you to have a new co-signer, it is ok. But I think you should inform the bank about the co-signer's death.

Feel free to ask if you have any further questions.

Best of luck,
Larry

Guest

You might want to send the bank a death certificate. Other than that, you should be fine.

Posted: Thu Jan 17, 2008 9:00 am Post subject:

Well my father in-law was a long time and in good standing customer of this bank .In fact they send flowers to the funeral home. So I would say they do know he is gone.

patricia · Joined: 16 Jan 2008 Posts: 133 0.94 Dollars($)

That was me above.I did not know I was not signed in.

gmakerley · Posted: Thu Jan 17, 2008 1:51 pm Post subject:

not to worry patricia. a new cosigner is not a possibility from their standpoint anyway - it's too late in the game for that.

as long as you have been making your payments, all is well (of course, this statement applies in every situation for every person).

patricia · Joined: 16 Jan 2008 Posts: 133 0.94 Dollars($)

Thanks,it has been 2 years now so I ssumed it was not their concern. They haven't said anyhting in all this time. We make our payment every month.

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.12 Dollars($)

You shouldn't have anything to worry about. They can't make you get a new co-signer.

patricia · Joined: 16 Jan 2008 Posts: 133 0.94 Dollars($)

Thanks all for the great advice.I kind of guessed as much since it has been 2 years and the bank has said nothing.

Caron

Yes Jeff, I agree with you. Patricia, it's better to send the death certificate of the cosigner to the bank; just let them know what happened, that's all. Then wait for their response.

Good luck

patricia · Joined: 16 Jan 2008 Posts: 133 0.94 Dollars($)

Well I would but it has been 2 years. A little late for that now to me.I would not want to rock the boat at this late date.I think I will just leave well enough alone.

jameshogg · Posted: Mon Jan 21, 2008 4:11 am Post subject:

gmakerley · Posted: Mon Jan 21, 2008 7:37 am Post subject:

best to leave it be, patricia. you are doing fine and as you mentioned, no need to rock the boat.

Posted: Mon Jan 21, 2008 9:12 am Post subject:

Yes, I think thats my decision.Just don't rock the boat.As he was also a loyal customer there I am sure they know he ha passed. It is a small enough bank they know most people by name.

patricia · Joined: 16 Jan 2008 Posts: 133 0.94 Dollars($)

Sorry forgot to sign in again.That was me above.

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