mortgage & will
person A 85 yrs old willing house to couple B. person A takes out a mortgage on the house and puts total money in joint account with person C. what happen to couple B house inheritence? what happens to money in joint account?
Asked on 9/09/06, 9:04 am
1 Answer from Attorneys
Debra Palazzo
Law Offices of Debra Palazzo, LLC
Re: mortgage & will
Couple B still gets house (which may not have any equity) and will have to pay the mortgage or sell. OR, they can "renounce" and house will pass to successor named or into the "residual share" of will.
Monies in joint account belong to surviving joint tenant.
However.....Who is paying the mortgage for the 85 yr old owner? If there was undue influence or fraud in the taking of this mortgage, couple B may be able to bring a claim.
Answered on 9/09/06, 1:01 pm
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