Legal Question in Wills and Trusts in Maryland
Who pays mortgage on property? Deceased estate or surviving co-owner?
Property owned as Joint Tenancy with Right of Survivorship is not subject to probate; however, is the estate responsible for any mortgages held on said property?
Example: Condo has a mortgage of $100,000. Does estate pay off that loan in its entirety or it is prorated based on ownership, i.e. two people on deed and mortgage.
1 Answer from Attorneys
Re: Who pays mortgage on property? Deceased estate or surviving co-owner?
In Maryland, normally w/JTROS, the survivng co- owner pays because the Condo does not come into the Decedent's estate and therefore is not an estate responsibility. Exceptions could be if all heirs/legatees consent to the mortatge payment, if Decedent's WILL mandated the payment of mortgage debt on this property, if the deed shows ownership to be Tenants in Common ownership (then their would be apportionment), or if a part of the property came into the estate through a disclaimer.
The estate would also normally only pay debt associated with assets that come into the estate or debt that was only in Decedent's name.
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