Q: Do I automatically own the home/mortgage if I am a non-occupant co-borrower when my parents pass?
If I sign as a non-occupant co-borrower with my parents on a mortgage, do I automatically own the home/mortgage when they pass? Or with them being co-owners will it have to go to probate or my siblings have any claim to it?
A: You do not become an owner because you co-signed on a mortgage. You do remain liable on the debt if it is not paid. Title to the home is determined by the deed into your parents, typically either as joint tenants or tenants in common. When they die there will have to be a probate for the title to the real estate to be marketable. The assets of their estates pass either by will or by the laws of intestacy. If they have wills, the beneficiaries of the wills get the assets as provided in the wills. If no wills and living children, the children share equally. If you are paying on the mortgage, you may have a claim against the estate. If the parties want some other result, you would need to contact an attorney to review the status of title and determine the best way to get you to where you want to go.
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