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What is the responsibility of the estate executor of a deceased co-signer on a mortgage?

In: Loans, Co-signing, Mortgages, Money Management [Edit categories]

Answer:

Answer

Usually all monies of the deceased are frozen for a period of time, then Probate takes place. This means that all monies owing (bills, loans, etc.) are first taken off the Estate. In the case of co-signing the banks should be able to give you more information. Either the person that the deceased co-signed for continues to pay the Estate money owing, or if they have stopped paying on the loan then the loan is a debt and will be taken out of the deceased Estate.

No one should ever co-sign (not even to a relative or close family) because the co-signer has total responsibility for paying that loan off.

Good luck Marcy

First answer by Marcy. Last edit by Marcy. Contributor trust: 8941 [recommend contributor ]. Question popularity: 45 [recommend question].

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