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Cosigner dies is estate liable?

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j4m1e Joined: 20 Oct 2010 Posts: 2 1.53 Dollars($)	Posted: Wed Oct 20, 2010 5:51 pm    Post subject: Cosigner dies is estate liable? Like 0 Dislike 0 My father has passed away leaving his estate in Ohio to 4 children. He had cosigned on my sisters mortgage on her house in Ohio and she has missed payments. Is my fathers estate liable for her payments and what happens if she goes into forclosure??
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Wed Oct 20, 2010 8:45 pm    Post subject: Like 0 Dislike 0 Hi j4m1e! Welcome to forums! As your father was the cosigner to the loan, the estate will be liable for the loan payments if your sister is unable to do so. After a foreclosure, your sister will be liable for paying the balance amount resulting from the property sale. She will have to pay off the deficient balance or ask her lender to forgive the dues. Feel free to ask if you've further queries. Sussane
Guest	Posted: Thu Oct 21, 2010 4:35 am    Post subject: Like 0 Dislike 0 Hi Sussane, thankyou for you reply, could you please clarify for me , is it only the previous missed payments prior to death that the estate is liable for or if my sister continues to miss payments will the estate be liable for those too?
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Thu Oct 21, 2010 10:38 pm    Post subject: Like 0 Dislike 0 Hi Guest, As far as I can understand, the estate will be liable for paying the loan as a whole if your sister misses the payments. _________________ Procrastination is the enemy of your financial success
j4m1e Joined: 20 Oct 2010 Posts: 2 1.53 Dollars($)	Posted: Fri Oct 22, 2010 7:27 am    Post subject: Like 0 Dislike 0 wow im finding this difficult to grasp, effectively what you are saying adonis is that my father will be liable for a missed payment that happens after he has passed away? so my sister could effectively continue to miss her payments on her house and my fathers estate would have to pay until there was nothing left???
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Fri Oct 22, 2010 1:55 pm    Post subject: Like 0 Dislike 0 I suggest you consult with an attorney who would have knowledge of estates as well as real estate, to get clarity on this issue. I agree that the missing of a payment by your sister after the death of her co-signer - your father - is a ridiculous thing to hold against the estate. But legal advice isn't what you came here for, I hope. Please check in with your lawyer and see what kind of answer you get. I don't think the lender is likely to get anywhere if it decides to take action against the estate of a cosigner, particularly after the date of the death. That's just my opinion, and it's got no legal basis, so take my first advice, please - go get a lawyer. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044
Guest	Posted: Sat Oct 23, 2010 9:49 am    Post subject: Like 0 Dislike 0 thanks for the advice
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Tue Oct 26, 2010 10:33 am    Post subject: Like 0 Dislike 0 Indeed, you're welcome. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044

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