Real Estate Home Mortgages/co-borrower passed away
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?
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.
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