Explore the Mortgage101 Library
Check Local Mortgage Rates
Loan Program Choices
Use our calculator to find out your estimated monthly payment in advance: Enter the loan amount, interest rate, and length of mortgage.
Try our Mortgage Payment Calculator
When you have a joint mortgage and your co-borrower dies, you are still responsible for any loans on the property. If the co-borrower is your spouse, once their estate settles any proceeds can be used to reduce the mortgage loan balance. It can also be used to pay it off as well.
Death of a Borrower
You may be able to file for a hardship mortgage modification if the payments are unaffordable due to the joint borrower’s death. If the lender will not modify the loan, you can also apply for a refinance. If necessary, lower the mortgage balance by using monies received from your co-borrower’s estate. This will improve the loan-to-value ratio, giving you a better chance of receiving an approval on your refinance request.
If your current lender is unable to approve any of the above solutions, try other mortgage lenders in your area. You can also check online for lenders that offer a refinance. Research the lender’s reputation before you apply for the loan. Avoid using a lender if you do not feel comfortable having them refinance your loan.
If you have exhausted all attempts to lower the mortgage payments, you may have to consider selling the property or moving out and trying to rent it.
- What Lenders Don't Reveal About Home Equity Loans
- 3 Warning Signs of Loan Modification Scams
- Home Equity Loans for People with Bad Credit
- Appraisal Basics
- What To Do When Mortgages Default
- FHA Eligibility with Bankruptcy and Foreclosure
- Short Selling a Rental Property
- How to Get Approved for an FHA Loan despite Bad Credit
- Low Down Payment Loan Qualification