Posted on: 01st Jun, 2009 08:08 am
Hi, my boyfriend and I bought a house together last year, we are both coborrowers together on the mortgage. We have not made out our wills and do not have mortage insurance, we plan on getting married but it won't be until next year. What are our rights if one of us passes away? Just want to make sure the State of NJ or family members cannot try to take half the house from the surviving coborrower. What rights do we have? thanks
Helga,
There are two issues...
1. What happens to the mortgage?
2. What happens to the house?
As far as the mortgage is concerned, if he passes away you are still responsible for making all of the payments. If you can't then you will have to sell the home.
Regarding ownership, you should speak to an estate attorney to determine what would happen with his share of the property.
There are two issues...
1. What happens to the mortgage?
2. What happens to the house?
As far as the mortgage is concerned, if he passes away you are still responsible for making all of the payments. If you can't then you will have to sell the home.
Regarding ownership, you should speak to an estate attorney to determine what would happen with his share of the property.
Eric,
Thank you. This has been bothering me. I think we will go to a lawyer soon.
Thank you. This has been bothering me. I think we will go to a lawyer soon.
