New London, CT asked in Estate Planning and Real Estate Law for Connecticut

Q: 2 names listed on title but manner in which title is held is one name SOLELY

I recently refinanced my home and required a cosigner since I lost my job due to disability. My mother was listed on the closing documents as a borrower. On the Loan Application it states under “The title will be listed in what names: Theodore xxxxx, Elvira xxxxx. The next box states, “Manner in which title will be held: Theodore xxxxx, SOLELY. “ I am also listed as the only name on the Open Ended Deed.

My question is what does this mean as far as ownership and what happens after death to either party.

1 Lawyer Answer

Nicole M. Camporeale

Answered
  • Estate Planning Lawyer
  • Milford, CT
  • Licensed in Connecticut

A: From the facts you've provided, it seems as though your mom is a co-borrower on the loan/mortgage but is not a co-owner of the property itself. While this is beneficial for you, it is less beneficial for your mom. I would recommend consulting with the real estate attorney that handled your refinance so he/she can provide an accurate answer based specifically on your situation as they have first hand knowledge of your closing, while I do not.

I believe this would mean that if you died, the house would pass to whomever you've designated in your Will (if no Will then by laws of intestacy). You should check the mortgage deed/note to determine what happens to the loan if you die. My gut response would be to say your mom would still be liable for the mortgage upon your death if she is in fact a co-borrower and is therefore joint and severally responsible (with most loans). Again- best to contact your attorney or mortgage broker to ask this question.

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