Looking for find out what my options are

[James Cargill]

Hello BP team,

Back in 2006, my mom passed away. She left the house to my sister (Jessica) and me. It was just us 3 growing up so there are no other names for consideration. Jess and I are listed as Joint Tenants on the Deed.

Last month, my sister passed away after a 4 year battle with ovarian cancer. 

In 2008-ish, we refinanced the house. The total amount we owe is slightly under $150,000. The property is worth $550,000 - $600,000 based on other recent sales of like-properties in the neighborhood. 

When we refinanced the house, we refinanced it under Jessica's name only (she was working full-time and I had a part-time job at the time). 

Due to Jess's declining health, I quit my full-time job in IT over one year ago and only recently started working part-time again. Now that she has passed, the logistics of the situation are hazy. Compounded by the struggle of losing her, I'm just not sure what my options are in terms of refinancing the home. I worry that the bank will call the loan due at some point and I'd rather get out in front. Plus I just sleep better at night if everything is clean.

There is a tenant in the unit that has been living there since 2006. His payment covers all expenses, including what we call our "Oh **** Account" for emergencies, and still gives us passive income of $700 per month.

One option is to not say anything as I've heard that folks have left the mortgage in its current state and continued paying without the banks knowledge. While this is fine for a period of time, I would like to figure out a longer term solution.

I've thought of getting a co-signer on the mortgage, as well. I'm just not sure if there are any other options that I'm unaware of that can resolve this concern.

One other note, I am also listed on a $400,000 mortgage where I did a deal with a friend. I provided the downpayment, he provided the monthly income. We're both listed on the mortgage and my rental income was used in the qualification for the loan. 

Any help is greatly appreciated, even if it's "there are no other options.." :)

Thank you so much in advance for your time.

Warmly,
James