If a grandchild is on a mortgage along with grandparents what happens to the mortgage when the grandparents pass?
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If a grandchild is on a mortgage along with grandparents what happens to the mortgage when the grandparents pass?
Can the grandchild remain on the mortgage alone? Will anything need to be changed at that time?
Asked on January 5, 2012 under Real Estate Law, Alabama
Answers:
Libardo Villalba
Answered 12 years ago | Contributor
Before i aswer your question, you need to understand the difference between Mortgage and Title,Mortgage is when you apply for a loan to any Lender, Title is when you already have a loan and need to be title to any other that may have interest in the property.
On your question the grandchield can not be on the Mortgage because he has not borrow or lend money from the Bank, what you mean is if they can be on the Title? and the answer is yes.
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