Legal Question in Real Estate Law in Maryland
Co-signers
When the principal signer of the contract (owner of the house) dies, is the co-signer then still liable for continue payment on the house, whether they decide to live in the house or not?
Asked on 12/30/07, 3:46 am
1 Answer from Attorneys
Robert Sher
Wagshal and Sher
Re: Co-signers
Yes. That's why you are a CO-signer. Your decision as to where to live is irrelevent. If the dead owner was the only person named as such in the deed, the property will pass through his/her estate, either by will or if there was no will, to his/her next of kin under MD law. If you aren't named in a will or a spouse or other close relative, then whoever takes over the property should be willing to take over the payments as well, because if they don't the property will be lost in foreclosure.
Answered on 12/31/07, 10:44 am
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