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Mortgage co-signer passes away

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Post Posted: Mon Dec 07, 2009 11:06 am    Post subject: Mortgage co-signer passes away
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I had to have my elderly father-in-law co-sign a mortgage with me back in 2006. What happens when he passes away? Will we need to re-finance? What if we still don't qualify?
Icon Mini Profile brian1
brian1
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Post Posted: Mon Dec 07, 2009 12:53 pm    Post subject:
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you keep paying and it will not be a problem - they cannot call a note due because of death they can for non payment
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Post Posted: Mon Dec 07, 2009 1:24 pm    Post subject: Co-signer passes away
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What happens when/if we decided to sell?
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Post Posted: Wed Dec 09, 2009 4:01 am    Post subject:
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Hi Rob,

If the co-signer on your mortgage passes away, you will become solely responsible for the repayment of the mortgage. If you decide to sell the house, you will have to pay off the mortgage in full from the proceeds of the sale.
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