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If both spouses are listed as borrowers on the mortgage and one dies can a surviving adult child have prevent the property from being sold?

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2013-02-28 13:20:59

I am very sorry for your loss. Most parents have Wills and if

there is a Will then according to Canadian Law the surviving spouse

(mother/father) would have complete control over the selling of the

home and all other monies and properties unless otherwise specified

by the deceased. The only way this may be altered is if the

surviving spouse is "not of sound mind" and the adult children can

go to a lawyer and have Power of Attorney (which has some control).

Example: If your mother/father was of not sound mind and incapable

of making decisions for themselves then the two adult children must

have more than one doctor examine the parent to verify this. If it

is true, then Power of Attorney helps the adult children to protect

the property, monies and paying of bills and taxes for the living

parent. For some adult children it's difficult if one parent sells

the property and the only way you can get around this is to buy

that property from the remaining parent. In the US the surviving

spouse and co-borrower is responsible for keeping the terms of the

mortgage or the house will be subject to foreclosure. In some

states the lender can require the surviving spouse and/or

co-borrower to reaffirm the mortgage contract. In the US the title

of the property designates ownership, not the mortgage contract, in

the majority of states the primary residence automatically reverts

to the surviving spouse whether the other spouse died intestate or

not. Regardless of the circumstances, any person who has a legal

interest (inheritance, joint ownership,) in the property would also

be responsible for paying the debt attached. FYI, all POA's become

null and void upon the death of the grantor.


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