harris, Home Buyer in Altadena, CA

If I am a co-signer with my adult son on a home loan for a home he will live in, will my spouse be financially responsible in the event I die?

Asked by harris, Altadena, CA Thu Aug 16, 2012

My spouse and I live in our own home in another zip code in Calif.

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Kevin and Ju…, Agent, Wildomar, CA
Mon Dec 2, 2013
Lots of variables here, but short answer is only if spouse is also on the loan documents
0 votes
Nancy Valent…, Agent, La Canada, CA
Sat Nov 16, 2013
Hi Harris:
There are many important issues here which really should be considered before proceeding.

#1: will you be on title for the home or just on the note? There's a big difference.
#2:Does your husband know about this? if you are on the deed, your husband will need to sign a quit claim deed.
#3 who will be making the monthly payments? will you be charging your son rent and paying the monthly loan payments yourself?
#4 who will be making the down payment? If you, will it come out of a joint account with your husband or from your own separate funds? There would be the issue of community property to be considered.
#5 Will you make or will he be paying the monthly loan payments directly to the bank? Please know that if the payments are not made, you would be fully liable even if you are only a part owner or not on title at all.
#6: talk to an estate planning attorney regarding your estate plan. At death any debts are due to be paid.
I'd suggest you consult with an attorney as there could be some real consequences for doing this. You might considering buying the home in a Trust.
0 votes
Sarkis Aleks…, Agent, Pasadena, CA
Wed Oct 24, 2012
There's a good possibility with today's lending guidelines that your spouse would be required to be qualified with you for the co-signing of loan for your son. Even if allowed to not be on the loan, after your passing, this debt could become part of your estate to be settled.
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schiu, , Upland, CA
Tue Aug 21, 2012
Have you spoken to the lender as to why he needs a co-signer? Maybe he should consider something more in his price range vs. having you be partially responsible for this debt.
0 votes
Cynthia Till…, Agent, Altadena, CA
Fri Aug 17, 2012
Yes, he will be responsible for the debt.
0 votes
carlos parra…, Other Pro, Monrovia, CA
Fri Aug 17, 2012
If your Son has not defaulted before your death so that the Bank is now looking to you for repayment, then your spouse will not be liable. Should your Son default prior to your death, then this debt could be part of your estate and would need to be settled accordingly.
0 votes
Ken Dorfman, Agent, Los Angeles, CA
Thu Aug 16, 2012
It depends on how the loan is structured, but, if your spouse isn't on the note, probably not.
0 votes
Claudia Mull…, Mortgage Broker Or Lender, Fremont, CA
Thu Aug 16, 2012
If your spouse is not on the loan, he will not be responsible.
If he is on the loan, then he will be.
0 votes
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