Stevensville, MI asked in Estate Planning and Real Estate Law for California

Q: Does a co-signer of a home need waiver of bond by heir or beneficiary to refinance?

Our father passed away a year ago and left no Will. One of my brother did co-sign on the home two years ago. He is now looking to refinance and is asking to sign the forms to do so, which if I understand would make him the executor of the estate. Is that required to be able to refinance the home or are there other options? If signed and he becomes the executor is there something that we can sign that would properly distribute any monetary gain of the home between the siblings if the home ends up being sold or equity taken out?

2 Lawyer Answers
Yelena Gurevich
Yelena Gurevich
Answered
  • Estate Planning Lawyer
  • Studio City, CA
  • Licensed in California

A: Is the property in a trust? Revocable or irrevocable? If revocable, heirs/ beneficiaries don't have any rights yet unless the other co-signor passed away and made that portion irrevocable. Since the question is specific to a co-signor, you also need to clarify if the other co-signor(s) is in agreement to refinance? You need to call a lawyer and discuss your situation in a consultation.

Manuel Alzamora Juarez
Manuel Alzamora Juarez
Answered
  • Berkeley, CA
  • Licensed in California

A: Not enough information to provide a cogent answer. If you could explain, we may be able to explain. Normally, you can co-sign on a note if you have the financial means todo so. Best of luck.

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