What to do when your on deed but not loan and loan is behind

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What to do when your on deed but not loan and loan is behind

If mom and son buy a home she has the
loan in her name and son is just on the
house deed. She died now house loan is 2
months behind what does he do??? Will he
loose his home? He is not on the
loan….

Asked on November 8, 2017 under Real Estate Law, New York

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

Yes, he will lose the home if the loan is not paid: the lender has the right to foreclose on a home if the mortgage is not paid even if there are owners of the home who were not themselves on the loan. The loan came due when the mother passed away: if he wants to keep the house, he needs to either pay the loan or refinance it. The lender's right to be paid (or to foreclose if not paid) is not affected by the fact he was not on the loan.


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