Hello there !
My wife owns 1/2 of her deceased fathers property and her aunt owns the other half. The property was originally owned by the grandparents. No problems so far. The property has a mortgage that was signed by both the aunt and my wifes deceased father. My wifes fater was making the mortgage payments and only his name was on the bill but the note was signed by both. When the property is sold, are both the aunt and my wife equally responsible or is my wife responsible for the entire amount from her half of the proceeds ?
Answered on: 6/30/13, 4:47 pm by Keith Singer
The answer depends on numerous factors including but not limited to the estate; the value of the property and amount of the outstanding mortgage . None of the above should be relied upon as legal advice. I suggest you contact a competent real estate and estate planning attorney. You may contact my office for an appointment should you wish to discuss this further.
Office Telephone 732-749-3700
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Keith A. Singer, Attorney At Law 1901 Route 71, Suite 3-E West Belmar, NJ 07719► Other answers from this attorney