Legal Question in Real Estate Law in Colorado
My question is, Person(1) is the only one on the Mortgage to a property, but Person (2) is on the DEED, would Person (2) be legally obligated for the Mortgage payments if Person (1) were to dye?
1 Answer from Attorneys
The mortgage holder has a lien against the property. If the mortgage is not paid then they can foreclose on the property without regard to there being a second person on the deed. However there are questions about whether they would be able to come against the survivor for any deficiency
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