Two friends have title as joint tenants but only one is on the loan. If that person (one with the loan) dies, is the other owner responsible? Thanks,

Asked by Jean Connolly, Tue Nov 1, 2011

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Don Munro, Agent, Kaneohe, HI
Tue Nov 1, 2011
Owning property in joint tenancy means that the partners own equal shares. When one partner dies the other is automatically the heir But it is an inheritance. For the partner's share to pass to the surviving partner either, the estate of the deceased must pay off the loan or you agree to assume it or the lending compnay will file a lien.
The mortgage is on the property, even if it is only on the half owned by the deceased. Nevertheless the property is encimbered.
I am a Real Estate Broker and not a lawyer. So check this out with a lawyer but I believe this to be the correct opinion of this situation.
Web Reference:  http://www.realmunro.com
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Ralph Gray, Agent, Honolulu, HI
Tue Nov 1, 2011
I would speak to a lawyer to make sure your safe.
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Big Rock Inv…, , Honolulu, HI
Tue Nov 1, 2011
Aloha. Sorry to hear you're in this type of a situation. Check the details of your mortgage terms, but if the other co-owner is not on the mortgage, then it's unlikely they could be held responsible. That's the difference between title and mortgage. With just the bare bones details here, of course, the most likely scenario is that the beneficiary of the estate would be responsible for the state of the mortgage, unless will and/or probate dictate otherwise.

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Ralph Gray, Agent, Honolulu, HI
Tue Nov 1, 2011
No he is not responsible for the loan, but the bank can foreclose on the property, since the lien is on the property.
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