Legal Question in Wills and Trusts in Rhode Island
If a person is not married and living with someone. They both have their names on the mortgage. If they break up, what can the bank go after? Can they try to get accounts like a parents CD that you have your name on with them?
1 Answer from Attorneys
Even if the parties are not married, if both names are on the mortgage both remain liable for the mortgage. The bank has the right to go after either person for the full amount of the mortgage, interest, attorneys fees, etc. Even if one person moves out of the house they are still liable under the loan. It also does not matter what names are on the deed.
As you are not married, the other person has absolutely no claim on any property you hold with another person, such as your parents. In addition, anything you receive as an inheritance is not reachable unless it is placed in a joint account.
Hope this helps you out.