If a co-mortgagor dies, who is responsible for paying their share?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
If a co-mortgagor dies, who is responsible for paying their share?
When a mortgage is owned and deeded to 3 family members that are sharing all the expenses of the property by a third each, when one of those people dies, is that person’s estate responsible for their share of the mortgage balance at the time of their death?
Asked on November 7, 2011 under Real Estate Law, New Jersey
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
Good question. If the loan agreement is between three members and one dies, the other two surviving members typically step up and pay the mortgage's monthly amount until the estate of the deceased person is placed in order to pay the deceased person's share.
The amout of the share to be paid is typically evidenced from past payments when the person who was alive made them.
The surviving members are then entitled to reimbursement of the amounts paid for the time they did so for the estate.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.