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Owning a home is often something that many people dream of doing. Most people would like to own their homes at some point, and when they do so they often have mortgage payments to pay. Mortgage payments are sort of like rent, except the payments are made to a bank to pay back your home loan.

If you didn’t take out a loan to buy your home, then mortgage payments aren’t necessary. However, most people do have to pay their mortgage when buying a home. There are many situations that may leave people wondering if families are liable for mortgage payments, read more to find out.

When Families are Liable

When buying a home, a person will sign documents to retain ownership of the home. Sometimes, there’s also a co-owner. This person is also responsible to pay the mortgage. Because of this, there are not many instances where families will be liable to take over mortgage payments.

However, should the homeowner pass away, the family will have the option to take over mortgage payments and ownership of the property. Many families choose to do this to get the home ready to sell. Some people choose to keep the home and continue to pay off the home. If the family does not choose to take over the mortgage, they will not be held liable to pay it unless they signed the original mortgage to do so as a co-signer.

What About Co-Owners?

Even if there are two legal owners of the home, only the person who signed the mortgage will be responsible for the mortgage payments. Should this person die, and the co-owner is not on the mortgage, they are not responsible to pay the mortgage, though refusing to pay will resort to foreclosure and the bank or lender will retain ownership of the home.

If the co-owner wishes to keep the home, they will have to take over the mortgage and continue paying the mortgage to remain the rightful owner of the home. If the mortgage is taken over, then the home will remain theirs. This is most common in cases of two homeowners. For many co-owners, they have a plan in place should the main owner default on mortgage payments or pass away. Should you co-own a home, it’s always a good idea to have a concrete plan in place to deal with situations like these.

When Things Get Messy

Sometimes the process of retaining ownership of a home is messy. When this happens, many people will start searching for a “mortgage attorney in NJ” or something similar. This is often a wise idea, as a mortgage attorney will help walk you through the process of retaining the home.

These people are also able to assist when trying to prevent foreclosure on the home. They are also able to help determine the rightful owner of the home should more than one party be fighting for ownership. This may happen if a co-owner is being fought by other family members of the original owner.

While nobody is forced to take over a mortgage, many people choose to do so. However, nobody will be liable for the mortgage unless they initiate to pay the mortgage and keep the home. Should the owner of a home stop paying a mortgage, their family will not be held liable unless they also signed the mortgage agreement.

If you need help figuring out if you’re liable for a mortgage, or if you’d like to take over a mortgage after a homeowner has died, a mortgage attorney is a great place to start with getting the help you need. This will make the process much simpler than without one.

There are many instances where the family may wish to take over mortgage payments. When this happens, a mortgage attorney will help make the transfer as smooth as possible. These professionals are also great for helping with avoiding foreclosure. However, should the family not wish to retain the home, they will not be forced to pay the mortgage.

Figuring out who is liable for mortgage payments may sometimes be confusing. This is especially true after a death in the family. There aren’t many instances where a family would be held liable unless they choose to do so. If you need extra help figuring out this matter, it’s always best to contact an attorney who can help you navigate this process.