If you inherited the property, the estate must be probated and your mother's estate is responsible for the mortgage debt. However, if there is no cash to pay the mortgage and you want to keep the property, the mortgage must be paid or the bank will take possession of the property by foreclosure. If you decide to keep the property you need to contact the bank to arrange for an assumption of the mortgage or just keep paying the mortgage until the debt has been paid in full.
If you owned the property as joint tenants with the right of survivorship and only your mother granted a mortgage in the property then you should consult an attorney who is familiar with your state laws regarding real property and mortgage by one co-owner.
Responsibilty and ownership rights in the home is different from rights and responsibilities for the loan. Anyone who signed the loan note is responsible for the monetary debt.
Yes. However, you should be fully aware that if the primary borrower does not pay you will be responsible for paying the mortgage. You have no other rights in the property.
legal rights of cosigner on mortgage
He owns an interest in the property but he is not responsible for paying for it. He got a great deal. If the property is sold he will be entitled to half the proceeds after the mortgage is paid off.
That phrase means nothing. It is a jumble of legal terms. A tenancy in common carries no rights of survivorship. A right of survivorship must be established by a joint tenancy or a tenancy by the entirety. Deeds should always be drafted by a professional.
Each person who signed the mortgage is responsible for paying that debt. You should discuss your situation with an attorney, especially if the other person's name is also on the deed.
A right of survivorship must be set forth in the deed by which you acquired your property. If the deed doesn't state you received the property as "joint tenants", or as "joint tenants with the right of survivorship" which is required in some jurisdictions, then you own as tenants in common and have no survivorship rights. If you review your deed and the answer isn't clear you should consult with the attorney who represented you at your closing who can draft a confirmatory deed with survivorship rights if necessary.
No. If the property is titled correctly (Joint Tenants With Rights of Survivorship) then it cannot be attached by creditors upon the death of any of the owners.
no!
No. Both may be on the deed which means that you have rights to the property. However, if there is only one on the mortgage; meaning they are the only one that signed the promissory note, then they are the only ones who will be responsible. So long as you are not on the note to the mortgage, then you have no responsibility for the debt.
If a mortgage holder (mortgagee) dies the rights under the mortgage pass to her heirs. If a mortgagor (borrower) dies the mortgage company has a lien on real estate that still must be paid.
You should contact an attorney who specializes in real estate law in your area who can draft a new deed with survivorship rights. The attorney can explain your options under your state laws which is especially important if there is an outstanding mortgage.