Posted on: 11th Sep, 2009 10:09 am
My father and I had joint ownership of a home. I started a home loan modification early this year. While I was in one of the trials periods he passed away in march of this year. 1. Will this affect the modification. 2. If I don't tell the mortage company, is it fraud? 3. He had also cosigned for a car for me and when I tried to pay it down I told them he had passed away. The loan was then refinanced and my interest was doubled to 14% for 7%. This makes me a little wary of telling the lender of my Dad's passing.
If the loan was in both of your name the loan was approved based on the both of your income and also credit report
Thats what happned with your car loan and they proabbly considered that you are more riskier and increased your interest rate
If you notify the your lender then probably it may have negative effect on the current process
But also rememebr even if your loan is modified, then they want both of you to sign the loan papers and thats is impossible to accomplish now in your situation
Thats what happned with your car loan and they proabbly considered that you are more riskier and increased your interest rate
If you notify the your lender then probably it may have negative effect on the current process
But also rememebr even if your loan is modified, then they want both of you to sign the loan papers and thats is impossible to accomplish now in your situation
Hi sstetson!
Welcome to forums!
In my opinion, it is better to inform your lender about your father's death. I don't think that will effect your loan modification process. You would become the sole owner of the property and the loan. In order to transfer the property in your name, you need to file an affidavit of heirship at the county recorder's office.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
In my opinion, it is better to inform your lender about your father's death. I don't think that will effect your loan modification process. You would become the sole owner of the property and the loan. In order to transfer the property in your name, you need to file an affidavit of heirship at the county recorder's office.
Feel free to ask if you've further queries.
Sussane
As your father was co owner you have to transfer loan to your name is necessary so better talk with lender.
Sussane
If this guests incoem is nto enough to pay the monthly payments the bank will be alarmed. I amnot suggesting not to inform the bank, but I am suggestign that there is potential for the bank to change the terms as the other lender did with the car loan
If this guests incoem is nto enough to pay the monthly payments the bank will be alarmed. I amnot suggesting not to inform the bank, but I am suggestign that there is potential for the bank to change the terms as the other lender did with the car loan
rhis all depends upon your income & credit score.
you need to refinance the mortgage in your name.
also get property transferred in your name by submitting death certificate & affidevit of heirship in local office
you need to refinance the mortgage in your name.
also get property transferred in your name by submitting death certificate & affidevit of heirship in local office
simon our guests name is already on the property
The issue is with loan
The issue is with loan