We are doing a HELOC extension and one of the co-borrowers is deceased (husband is deceased - spouse survives).

What is the standard best practice?

Can we remove the deceased parties name from all statements - leaving the note and mortgage alone?

If someone could answer today, that would be awesome!
In this situation we are particularly sensitive since the deceased was an executive officer.
Thanks!

How are you doing an extension (which will require signatures) and leaving the note and mortgage alone when one borrower is no longer alive?

I guess that I should have been more clear, Randy.

I think that the "extension" is actually just extending the dates on our core processing system. The Note appears to have a longer maturity date... so I need to dig deeper. This is all foreign to me, but I am slowly catching up... s.l.o.w.l.y...

Randy,
OR Anyone...

The loan is an open ended line of credit in which the borrower pays interest only during the first 5 years of the loan and is renewable under certain conditions for another 5 years. The loan is then fully amortized over a remaining 15-year term as an adjustable rate mortgage.

When we renew - I guess that's the term that I chould have used, are you saying that we need all new docs?

Not normally, as long as all the terms and conditions are covered in your original agreement. Since much of this will be based on State law however, this might be a better question for your attorney.