Posted on: 11th Oct, 2010 01:08 pm
If two unrelated people are on a deed, but only I am on the mortgage, does the mortgage come due if I die? The second person has the right of survivorship, but I don't want the survivor to have to pay off the mortgage if I should die.
Hi Guest!
Welcome to forums!
As the second person is not on the deed, he or she will not be personally liable for the mortgage. However, as the lender holds the lien on the property, if he does not receive his dues on time, he can foreclose the property. It will be better if the other person refinances the mortgage in his or her name after your death and pay off the dues on time.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As the second person is not on the deed, he or she will not be personally liable for the mortgage. However, as the lender holds the lien on the property, if he does not receive his dues on time, he can foreclose the property. It will be better if the other person refinances the mortgage in his or her name after your death and pay off the dues on time.
Feel free to ask if you've further queries.
Sussane