Deeds

[crazykool]

If three people buy a house and all three people have their name on the deed but only two of the people are named on the mortgage. If the two people listed on the mortgage die and there is still a morgage left to pay (once past insurance, etc), will the third person have to obtain a new mortgage, assume the current mortgage, sell the house or turn over the house to the bank?

[Ethel]

It depends on the terms of ownership. Whether it is joint tenancy, or a tenancy in common.

Also, if the motgagees have adequate insurance their mortgage obligations should be cleared on their death.

Their next of kin may inherit their 'share' of the property.

It is not easy to give a straightforward answer - there are too many ifs and buts.

[Her Bruce]

Don't do it 'crazy' , the police will catch you out for sure !!

[crazykool]

oh i see... the house is a three family owner occupied. Each person on the deed lives in one of the apartments and all three persons are related and have aggreed "verbally" that the house is shared and owned one third each. (same with all payments for any house matters)