Posted on: 22nd Feb, 2010 05:02 pm
Hello,
I have a mortgage and am in good standing. Loan is for 30 years and I am in to it for 15 1/2 years at this time. In order to get the loan I had to have a co-signer. There were three co-signers at that time. It was me plus a college friend and his parents co-signed. after one month he moved out with his girlfriend and I bought him out by paying him back his down payment. All parties signed a quit claim to me and I filed the paperwork with the county clerks office. I have made all the payments since on my own. About a year ago my friends mother died and his dad is not in the best of health.
The concerning part is that he also has a brother who when the dad dies will inherit the estate and the brother is constantly trying to get into my business because his dad is a co-signer and he makes me nervous.
So my question is this..... If the Dad dies can the brother do anything to cause me problems with my loan since the loan will only be in my name and my friends name after that?
I want to be prepared when the time comes.
Thank you for your time. :)
I have a mortgage and am in good standing. Loan is for 30 years and I am in to it for 15 1/2 years at this time. In order to get the loan I had to have a co-signer. There were three co-signers at that time. It was me plus a college friend and his parents co-signed. after one month he moved out with his girlfriend and I bought him out by paying him back his down payment. All parties signed a quit claim to me and I filed the paperwork with the county clerks office. I have made all the payments since on my own. About a year ago my friends mother died and his dad is not in the best of health.
The concerning part is that he also has a brother who when the dad dies will inherit the estate and the brother is constantly trying to get into my business because his dad is a co-signer and he makes me nervous.
So my question is this..... If the Dad dies can the brother do anything to cause me problems with my loan since the loan will only be in my name and my friends name after that?
I want to be prepared when the time comes.
Thank you for your time. :)
My rate is currently 3.9%. I would rather not refinance.
Can the mortgage company make me refinance?
Can the mortgage company make me refinance?
I believe they can approach you about refinancing if any of the personal guarantors on the loan pass away, but I doubt they will do anything as long as you keep making the payments.
I am surprised your friend hasn't pushed to get his name removed from the mortgage though. I would hate to have a loan sitting on my credit reports with my personal guarantee when I have no legal interest in the property.
I am surprised your friend hasn't pushed to get his name removed from the mortgage though. I would hate to have a loan sitting on my credit reports with my personal guarantee when I have no legal interest in the property.
He has actually been receiving good credit from my payment history. So he hasn't been concerned with it.