Posted on: 07th Dec, 2009 10:06 am
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?
you keep paying and it will not be a problem - they cannot call a note due because of death they can for non payment
What happens when/if we decided to sell?
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.
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.