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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

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