When both names are on a mortgage and one of the ,spouse passes do you have to notify the mortgage company?
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When both names are on a mortgage and one of the ,spouse passes do you have to notify the mortgage company?
Asked on May 9, 2012 under Real Estate Law, New Jersey
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
I am so sorry for your loss. And you are both on the deed to the property as husband and wife, correct? Then the property passes to you automatically at the time of the other spouses death. In the case of inherited property the mortgage lender can not call in the mortgage so long as you continue to pay it and keep it current. So although you probably should let them know it may not be fatal to your claim. Good luck.
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