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.
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