House Loan / Deed?

If 2 people are on the deed, but only one person on the loan/mortgage and that person passes away.

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What would happen from there?

House Loan / Deed?

legally, the bank who holds the note should be notified and the other person should obtain a new mortgage in their own name...sometimes if the mortgage is assumable it can just be transfered if not it would have to be refinanced...

in practical application, I have seen this situation arise several times and the the surviving party does nothing and simply continues to pay the loan on time as agreed for years without incident. All the bank really cares about is getting what they are owed and if that continues they don't care who pays them...but when they don't get paid that's when they start asking questions...

House Loan / Deed?

The loan is still going to be due. How did just one person end up on the loan? If title was in two people at the time of the mortgage, both should have signed the mortgage. Even if only one of them signed the note, both should have signed the mortgage. Either way, the mortgage is still going to be due.

House Loan / Deed?

If you plan to pay back the money , you can ask for a loan at Prosper. More information at http://www.acreditlibrary.com/prosper.ht... . You can also try your luck at online charities, people may send donations. More information at http://www.laodn.org/