In a case where a son got a mortgage with one of his parents being a comortgager (liable on mortgage) I was wondering what is the attitude of lenders when the parent dies and the mortgage repayments are uptodate. I am prompted to ask as in a booklet issued by AIB on Bereavement it seems to suggest that the survivor should continue to make the repayments.
Joint Mortgage Parent and Son
- Thread starter trojan
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Brendan Burgess
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All borrowers on a mortgage are jointly and severally liable.
That means that if one does not pay, the other has to pay the full amount. They are not liable for just half the balance.
I assume that the executor of the estate should discharge the mortgage in full from the estate before paying anything out to anyone else. Of course, he will be able to do some sort of arrangement with the owner of the house and with the bank. The bank might allow the borrower to take over the full mortgage if they have the repayment capacity.
Brendan
That means that if one does not pay, the other has to pay the full amount. They are not liable for just half the balance.
I assume that the executor of the estate should discharge the mortgage in full from the estate before paying anything out to anyone else. Of course, he will be able to do some sort of arrangement with the owner of the house and with the bank. The bank might allow the borrower to take over the full mortgage if they have the repayment capacity.
Brendan