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If one of the joint tenants with right of survivorship dies and the mortgage is in their name is the other responsible for it? |
Answer
No or not directly.
The loan was between the borrower and the lender with the property pledged as security.
If the surviving tenant doesn't want the note foreclosed and the house auctioned by the lender to pay off the outstanding loan then the surviving tenant needs to take action.
The simple method that will work in many cases is to just make the payments on time. Legally you are not required to do so and the lender might technically have the right to call the loan due if you are not on the loan. If the payments are made on time the lender has little incentive to take action.
Or the property can be sold and the loan paid off. Or the owner can obtain a new loan and pay off the old loan. Or the owner can use savings to pay off the loan.
The loan will have a lien that is attached to the property even after the person dies so something must be done to remove the lien or otherwise address the monthly payments.
First answer by Wutzyerproblem. Last edit by JohnCorey. Contributor trust: 20 [recommend contributor]. Question popularity: 18 [recommend question]
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