Posted on: 06th Dec, 2008 06:10 pm
if the borrower of a mortgage dies and the mortgage had a co borrower. what happens?...does the co borrower assume the mortgage
Hi atlasgang!
Welcome to forums!
As far as I know, a loan assumption can take place if the property is sold to another buyer. However, you should speak to the lender and check whether a loan assumption is possible in your case. I don't think you will need a loan assumption as you are a co-borrower and you will have to now pay off the mortgage according to the terms and conditions.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
As far as I know, a loan assumption can take place if the property is sold to another buyer. However, you should speak to the lender and check whether a loan assumption is possible in your case. I don't think you will need a loan assumption as you are a co-borrower and you will have to now pay off the mortgage according to the terms and conditions.
Feel free to ask if you have further queries.
Sussane