Legal Question in Real Estate Law in New York

You are the owner of the property and your father-in-law is responsible for paying the mortgage. If he defaults, the mortgage company can foreclose on the property (take ownership and sell it). Rights of survivorship means that if you die then the title of the property passes on the other person named in the deed.

If the property goes into forclosure and nothing is done to recover the property, you lose your rights to the property. However, you have no obligation to pay the mortgage because you aren't on the mortgage.

Once your father-in-law dies, you automatically become the owner of the property. You will take subject to the mortgage. Therefore, if there is a balance when your inlaw dies, you or his estate will have to pay it. To properly protect you, he should put in his will that any balance should be paid from his estate.

Also licensed and practicing in New York