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joshuaheckathorn · Posted: Tue Oct 18, 2011 2:45 pm Post subject:

@Kat - are you sure you actually cosigned the loan, or did you just sign on your father's behalf using power of attorney?

If you actually cosigned the loan, you hold as much financial responsibility for the loan as your father does. If anything happens to him, you would need to make payments to keep the home.

Guest

I am cosigner on son's private loan. He wants to buy a home but has too much college loan debt. Is it possible for me to take over this loanand remove him so it doesn't hamper his ability to buy a home.

adonis · Posted: Mon Dec 19, 2011 1:37 am Post subject:

Welcome jev,

I don't think you will be able to take over the loan completely. Nevertheless, you should contact the lender and take his opinion in this regard. He will better help you in this matter.

Guest

My father passed away recently and he had previously cosigned on a car loan for my sister. Unfortunately I am afraid she will leave my mother with the car payments. Is my mother liable for this loan?

smithsussane · Posted: Tue Feb 07, 2012 12:42 am Post subject:

Hi LDWeber!

Welcome to forums!

If your mother has not cosigned for the loan, then she is not liable for the mortgage payments. The lender will come after your sister in order to collect the debts.

Feel free to ask if you've further queries.

Sussane

gmakerley · Posted: Wed Feb 08, 2012 1:33 pm Post subject:

Precisely - your Mom is not liable for payments on that debt. The responsibility of your Dad as cosigner could be held against his estate, presumably; but she'll have no responsibility for payments. If she chose to help your sister out, that'd be on her of course.

Guest

My sister passed away and left her home to my brother & I. She had a cosigner on an equity loan that was not on the title of my sister's home. The cosigner is now saying my brother & I are responsible for the equity loan. Are we responsible for the loan, can the property be taken or does is the cosigner responsible. The cosigner will receive $50,000 for the house and also inherited money from another estate, so she does have the money to pay the $16,000 equity loan. My sister's estate did not have any cash value in it. The property is in New Hampshire. Thank you for your help.

jerry · Posted: Thu Apr 26, 2012 3:53 am Post subject:

Hi mike,

Your query has been answered in the given page: http://www.mortgagefit.com/Mortgage-Basics/Responsibility-of-Cosigner- of-Equity-Loan.html

Take a look at it. I hope it will help you.

Thanks,

Jerry

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