Real Estate Home Mortgages/co-borrower passed away

Advertisement


Question
Here is the situation: My father helped us purchase our home 10 years ago. He is listed as one of the borrowers on our loan. He passed away in March 2012. What now?

Answer
Liz, I am not familiar with the state of Michigan laws.
I recommend discussing  your situation with a real estate attorney.
Your father's name will "stay" on your mortgage NOTE unless you were to refinance it.  There is no reason to refinance it ONLY to take his name off of the note - i.e. if you can lower your mortgage interest rate and payment and qualify on your own, then you could refinance and the NEW loan would be in your name only.
As far as his name on the Deed - you could file a quit claim with a copy of the death certificate to remove his name from the TITLE of the home; that is where I am not familiar with Michigan, so cannot give you specific details on doing this.

My condolences in your loss and I hope I have been of a little assistance.
Wishing you nothing but the very best, Liz.
Brian Hahn
About Real Estate Home Mortgages
This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here

Real Estate Home Mortgages

All Answers


Answers by Expert:


Ask Experts

Volunteer


Brian HAHN

Expertise

I am a mortgage banker/loan officer.Have top knowledge of all types of mortgage loans.Can assist nearly anyone looking to finance a residential property.I enjoy traveling [Society Islands (Tahiti, Bora Bora), Hawaii (Maui) and Africa (Zimbabwe)].I keep detailed information on adventures and am willing to share this information with others.{{Bachelor of Science in Business Administration from the University of Iowa, 1986"

Experience

Home Buying

©2016 About.com. All rights reserved.