Unlike personal credit card debt, re payments need certainly to carry on a home loan following the borrower’s death otherwise the lender can foreclose regarding the home.

Unlike personal credit card debt, re payments need certainly to carry on a home loan following the borrower’s death otherwise the lender can foreclose regarding the home.

Then takes over sole responsibility for the payments and must continue to make them and/or refinance to avoid foreclosure if the person who died had a co-borrower on the mortgage, such as a spouse, that person.

The co-signer becomes solely responsible for the mortgage payments, according to Tayne if there was no co-borrower, but there was a co-signer. Continue reading “Unlike personal credit card debt, re payments need certainly to carry on a home loan following the borrower’s death otherwise the lender can foreclose regarding the home.”