Posted on: 05th May, 2010 07:47 am
The co-signer for my Mortgage recently passed away. On paper I am not financially secure enough to be the sole name on the Mortgage. I also am extremely limited with regards to finding another potential co-signer. The insurance on my Mortgage did not cover my co-signer.
Where does this leave me with regards to my Mortgage?
Where does this leave me with regards to my Mortgage?
You remain liable for payments on the mortgage, bmac. It might just be time for you to put the home up for sale and see if you can't eliminate your mortgage that way.
You can certainly reach out to your lender and discuss ways in which they might make it easier for you to handle the monthly payments. That would allow you to remain in the home, presumably. Even if you were to sell it shortly thereafter, it's worth investigating what kind of arrangements they might be able to work out with and for you.
Of course, if you do none of the above and end up falling behind on the mortgage payments, that will likely result in the lender taking action to recover their collateral (foreclosure). It's better to try to work out arrangements now rather than waiting until it's too late.
You can certainly reach out to your lender and discuss ways in which they might make it easier for you to handle the monthly payments. That would allow you to remain in the home, presumably. Even if you were to sell it shortly thereafter, it's worth investigating what kind of arrangements they might be able to work out with and for you.
Of course, if you do none of the above and end up falling behind on the mortgage payments, that will likely result in the lender taking action to recover their collateral (foreclosure). It's better to try to work out arrangements now rather than waiting until it's too late.
Hi,
As you mentioned that your co-signer passed away, it is you who is responsible for the mortgage. If you are facing financial crisis then speak to your lender about the same and try to convince them. If you do not get any result then you can go for bankruptcy. Consult with a good bankruptcy attorney and check out the process to qualify for bankruptcy and then go for it.
If you have further queries feel free to ask.
As you mentioned that your co-signer passed away, it is you who is responsible for the mortgage. If you are facing financial crisis then speak to your lender about the same and try to convince them. If you do not get any result then you can go for bankruptcy. Consult with a good bankruptcy attorney and check out the process to qualify for bankruptcy and then go for it.
If you have further queries feel free to ask.
