Click To View Links

Co-Signing a Mortgage for My Son

by J. Turner
(Mountain Grove MO )



I own my own home and have 15 rental properties. If I should cosign for my son and if I should die would my own properties be held up in probate or would it just be the home I cosigned on if he defaulted?

They have a good income but his wife has a credit score under 620 do to medical bills a few years ago.

=====ANSWER=====

Hello Mr. Turner,

Thank you kindly for coming by my site and asking your questions.

If you were to die, the home loan you co-signed for with your son would default to him alone. I can only answer that from the mortgage side of the equation. Since he is a co-borrower along with you, then he would still be held responsible for the mortgage.

As far as probate goes, I'm really not in the position to answer questions of a legal nature. You would need to seek advice of a legal professional to get the answers to that question.

I just know that whoever signs on the mortgage is held responsible if they default. Even if you were not alive, I do not think the lender could attach your estate to collect on that mortgage.

They use the house as collateral and would foreclose on it if the loan were to go into default.

I hope this helps. I understand your position, you want to help your children and want to protect your assets at the same time. I'm just not sure how that all works.

Kind Regards,

Jeff Ragan

Click here to post comments

Return to Mortgage Questions.

Recent Articles

  1. Repairs on House with FHA Loan and AC Unit for House

    Nov 19, 18 05:24 PM

    Can a person do their own repairs on house with FHA loan and seller won't fix AC unit on House? Find the exciting answers on this page.

    Read More

  2. FHA Loan - Surviving Family and Foreclosure

    Nov 19, 18 05:14 PM

    Ex-husband dies, will surviving family who is not on the FHA loan get to keep the house? Also, can a person be able to get an FHA loan when just out of foreclosure for a co-signed loan? Discover the a…

    Read More

  3. FHA Home Loan - Change of Employment or Co-Borrower

    Nov 19, 18 04:19 PM

    Is it possible to get down payment and closing cost assistance when you have a co-borrower on your FHA loan? Also, will a change from W-2 to 1099 income affect being able to qualify for an FHA loan? U…

    Read More

Buyer Programs

fha loans

The FHA Loan Products

Home Buyer Grants

zero down home loans

Zero Down Home Loans


Follow Us On Twitter

follow me on twitter