Legal Question in Real Estate Law in New Jersey

parents are co signers on my mortgage. They are both elderly and ill. My brother and I are trustees of their estate in an unchangeable (?) trust.Although I have decent credit, I don't know if I would qualify for my own loan. The house is worth approx $200K and the loan balance is approx $60K. If something happens to my parents, does the mortgage revert into my name only, or is the estate obligated to pay it off? That would not seem fair to my brother, but I do not have any savings myself. I live in PA, my parents live in NJ. Thanks


Asked on 8/20/10, 6:24 am

1 Answer from Attorneys
Michael McCulley McCulley Law LLC

I would need to review the trust, as well as the note and mortgage for the property to give you an answer. When are you free to meet with me a for a free consultation? Please call me at 2155464700.

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Answered on 8/27/10, 12:11 pm


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