QUESTION
How can I settle a document that my father co-signed now that he has passed away?
Asked on Mar 21st, 2013 on Estate Planning - Washington
More details to this question:
My father co-signed a house for a friend. My parents have now passed away. How can I settle their estate?
10 ANSWERS
Bankruptcy Attorney serving Florissant, MO
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Law Offices of Thomas Corcoran Phipps
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If you opened an estate in probate court, the friend has to file a claim to get paid. If not, I wouldn't do anything unless the friend contacts you.
Answered on Aug 07th, 2013 at 11:07 AM
Business Law Attorney serving Bingham Farms, MI
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James T. Weiner, P.C.
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If you are the personal representative of the estate all you have to do is to give notice of his passing to the mortgage company. If they do not make a claim within 4 months you can distribute the estate.
Answered on Jul 26th, 2013 at 2:50 PM
Probate Attorney serving St. Louis, MO
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Edward L. Armstrong, P.C.
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Open an estate in the Probate Division of the Circuit Court in the country where your father lived at the time of his death. Give notice to the holder of the note that he co-signed. They will need to make a claim against the estate within six months of his death. This won't affect the lien that the note holder has but it will end his personal obligation on the note.
Answered on Jul 26th, 2013 at 9:25 AM
Business Planning Attorney serving Livonia, MI
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Frederick & Frederick Attorneys at Law
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Sounds like it could be a mess. The easiest thing might be for the friend to re-finance, if that is possible.
Answered on Jul 26th, 2013 at 7:11 AM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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Need the details and the documents. His estate could be liable on default. If you are in Michigan please call my office to engage us and with the details.
Answered on Jul 25th, 2013 at 8:22 PM
Probate Attorney serving New Orleans, LA
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James G. Maguire
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As long as the "friend" continues to make the payments, no one will come looking for payment from your father, but that could change.
Answered on Jul 25th, 2013 at 8:08 PM
Probate Attorney serving Newport, OR
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Minor, Bandonis & Haggerty P.C.
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Interesting question. Is the friend in default on the purchase obligation? Careful thought is needed, and hopefully your father's estate is being taken through probate with the assistance of a lawyer. Consider sending the mortgage company an Information to Heirs, Devisees and Interested Persons concerning the probate. Then they either have to make a claim or go away. Discuss this with your lawyer.
Answered on Jul 25th, 2013 at 8:01 PM
Business Entity Formation Attorney serving Salt Lake City, UT
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Fetzer Booth Mountain West Law
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You need to be assigned as the personal representative for the estate. This gives you the authority to act for your father's estate. The mortgage company would be considered a potential creditor of the estate. As personal representative you need to inform all creditors of the death of the individual debtor (your father). This should then put in process a release of him from this potential debt. The mortgage company will have a process to deal with this situation.
Answered on Jul 25th, 2013 at 5:19 PM
You settle their estates in probate. Contact an attorney specializing in estate administration for further assistance.
Answered on Jul 25th, 2013 at 5:17 PM
Thomas Edward Gates
By co-signing the house for his friend, does not mean that he has an ownership interest in the property. So, that is the first thing to check on. If he does not and, the house is not paid off, his estate could be liable for the payment. The individual needs to refinance the home so that your dad's estate is no longer liable. He he does have an ownership interest, the property can be quit claimed to a beneficiary by a Personal Representative Deed.
Answered on Jul 25th, 2013 at 5:15 PM