As co-mortgagor (or borrower), you are obligated to continue payments under the mortgage, as you probably already know. There are a few issues related to that, though.
As to what you should do first, read the terms of the mortgage, look for a clause on "death of a mortgagor" and find out if you need to notify the lender of your grandmother's death. You probably do, and might have to send a certified copy of her Death Certificate.
I'm wondering if you co-signed on her mortgage so that she could in fact get one. In my experience, good lenders are cautious about mortgages with older people b/c of the age factor as well as sometimes more limited assets since they're not earning money any more.
You may want to visit the local branch of the bank holding the mortgage and discuss this with them. A major issue is whether you're living in the house and want to stay there. If you and your GM were both contributing to mortgage payments, and they're now too much for you, I would make a visit to the bank a high priority to give them a heads-up on this issue. You might want to consider renegotiating the mortgage, and if it's a 15 year mortgage, extend it to 30. That would help you make the lower payments b/c of the longer amortization period.
As to your father, is he named on the Deed? If so, how is it titled? E.g., "grandmother, son and granddaughter (with your specific names), jointly, as joint tenants with rights of survivorship?" (I think that's the wording; it's been awhile since I've worked with specific titling.)
In other words, does your father have any legal interest in the house? If not, he can't "take the house out of your name" - he has no authority to make any changes to ownership of the house.
However, if as son he inherited some portion of the house, you have an entirely different story. Have you seen your GM's Will? Was the house willed to you and him, to you alone, or to him alone? This is a critical issue.
If your GM died intestate (i.e., without a Will), then you have another entirely different story. Who inherits depends on the intestacy laws of the state in which she was a legal resident.
Perhaps you could check the deed and report back on the specific wording. That'll help posters narrow down your father's standing and give more succinct answers.
I'm wondering also how much influence your father's desires have on you, as you're clearly concerned about his intents. Are you confused at this point as to what to do legally or morally? Are you concerned your father will intimidate or pester you if you don't comply with his wishes and give up your titled rights? Be aware that if you do convey your rights to him, you're STILL responsible as a co-mortgagor for payments on the mortgage.
So, please, give us more detail so we can help you. Also, it helps if you fill out your profile page so we can get more background on your family situation.
Did your grandmother have any life insurance? Sometimes mortgage providers insist that borrowers have a policy as a condition of the loan. So check. If she did, the insurance payout should go towards covering her share of the debt.
I'm not sure what you mean when you say your father wants to take over ownership of the house. Did your grandmother bequeath the house to him? Did she die without having made a will, so that your father is the heir by default?
And are you able to cover the ongoing mortgage payments?
As to what you should do first, read the terms of the mortgage, look for a clause on "death of a mortgagor" and find out if you need to notify the lender of your grandmother's death. You probably do, and might have to send a certified copy of her Death Certificate.
I'm wondering if you co-signed on her mortgage so that she could in fact get one. In my experience, good lenders are cautious about mortgages with older people b/c of the age factor as well as sometimes more limited assets since they're not earning money any more.
You may want to visit the local branch of the bank holding the mortgage and discuss this with them. A major issue is whether you're living in the house and want to stay there. If you and your GM were both contributing to mortgage payments, and they're now too much for you, I would make a visit to the bank a high priority to give them a heads-up on this issue. You might want to consider renegotiating the mortgage, and if it's a 15 year mortgage, extend it to 30. That would help you make the lower payments b/c of the longer amortization period.
As to your father, is he named on the Deed? If so, how is it titled? E.g., "grandmother, son and granddaughter (with your specific names), jointly, as joint tenants with rights of survivorship?" (I think that's the wording; it's been awhile since I've worked with specific titling.)
In other words, does your father have any legal interest in the house? If not, he can't "take the house out of your name" - he has no authority to make any changes to ownership of the house.
However, if as son he inherited some portion of the house, you have an entirely different story. Have you seen your GM's Will? Was the house willed to you and him, to you alone, or to him alone? This is a critical issue.
If your GM died intestate (i.e., without a Will), then you have another entirely different story. Who inherits depends on the intestacy laws of the state in which she was a legal resident.
Perhaps you could check the deed and report back on the specific wording. That'll help posters narrow down your father's standing and give more succinct answers.
I'm wondering also how much influence your father's desires have on you, as you're clearly concerned about his intents. Are you confused at this point as to what to do legally or morally? Are you concerned your father will intimidate or pester you if you don't comply with his wishes and give up your titled rights? Be aware that if you do convey your rights to him, you're STILL responsible as a co-mortgagor for payments on the mortgage.
So, please, give us more detail so we can help you. Also, it helps if you fill out your profile page so we can get more background on your family situation.
I'm not sure what you mean when you say your father wants to take over ownership of the house. Did your grandmother bequeath the house to him? Did she die without having made a will, so that your father is the heir by default?
And are you able to cover the ongoing mortgage payments?
I would try talking to a real estate lawyer. Please don't hesitate to talk to more than one lawyer and ensure you have all your options.