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Old 01-29-2009, 11:31 AM
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two names on Mortgage, one just died, how is this handled

What is the name of your state (only U.S. law)? Kansas


My wife bought a house yrs ago with her dad as the co-signer. He just passed away a couple weeks ago. I am curious if anything will change regarding the note? We were REALLY dumb in not getting life insurance on him last year when he started doing bad. Just worried they could call the note now.
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Old 01-29-2009, 03:15 PM
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No, federal law prohibits them from calling the loan in this circumstance. As long as she makes the payments things should be fine. What you should do is do what is necessary to remove dads name from the deed. If the property was owned jointly, that is often just a matter of bringing the death certificate to the court house. If she was tenants in common, you'll need to probate the father's estate most likely.
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Old 01-30-2009, 12:26 PM
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Quote:
Originally Posted by viper6383 View Post
What is the name of your state (only U.S. law)? Kansas


My wife bought a house yrs ago with her dad as the co-signer. He just passed away a couple weeks ago. I am curious if anything will change regarding the note? We were REALLY dumb in not getting life insurance on him last year when he started doing bad. Just worried they could call the note now.
**A: search Garn St. Germain Act.
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