What happens on a mortgage to Co-borrower verses Primary in the event of death of Primary

In most cases, the co-borrowers on a mortgage each share the burden of the debt equally. Even if one person's credit and/or income was primarily used to secure the loan, there is no real primary borrower and co-borrower on the majority of joint mortgages.Every mortgage will have note and deed that address death and ownership. You can refer to this section in your loan documents to see what your specific situation will be.I hope this helps! Good luck! :)Derrick

It's important that you look over your paperwork and fully understand it.. if you need help, hire an attorney... There are 2 instruments in most states regarding homes. The first is a Mortgage or Deed of Trust, which is secured by a "Note". This is the security instrument that says the home is the collateral for the monies being borrowed. All the parties that sign the mortgage / deed of trust are responsible.. if there is a co-borrower, then this is where they also will sign. The other instrument is the "Deed" (Warranty Deed, Quit Claim Deed, etc) this is the "Title" to the property... it's possible that you can be obligated to pay back the mortgage/deed of trust, however not be on the title... if this is the case, then if one passes, you could be responsible to pay the mortgage, however have no ownership in the property... so you should read your paperwork, and if you don't understand it, seek professional that do... WilliamAcres.com