Home Selling in 19131>Question Details

Sherrie401, Home Owner in 19131

WHAT HAPPENS IF TWO PEOPLE BUY A HOUSE TOGETHER BOTH ARE ON THE DEED BUT ONLY ONE IS ON THE MORTGAGE AND THAT PERSON DIES IN THE STATE OF TEXAS.?

Asked by Sherrie401, 19131 Wed Jul 25, 2012

ALSO ON THE DEED EACH ARE 50% OWNERS AND BOTH HAD TO SIGN THE MORTGAGE PAPERS BUT ONLY ONE IS RESPONSIBLE FOR THE MORTGAGE.

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Answers

1
Hello Sherrie,

There are three parts to this.

1. The title. You are both on that.
2. The note. Only one party is on that
3. The mortgage. That is the promise of the property as security for the note.

The question is How is the property titled.

If the two people are tenants in common then upon ones death the property interest goes to the estate.
If the two people own as tenants by the entireity, the property interest goes to the other.

As for the note to the bank. If it is not paid they will foreclose as the property is their security.


PS I am not an attorney, but if you want a good Real estate attorney I can recommend one.

Regards,
Alan Openshaw
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
VOTED BEST IN BUCKS 2010 & 2012
NMLS ID 143960
0 votes Thank Flag Link Wed Jul 25, 2012
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