James and Linda purchase a home in Ohio and obtain a joint mortgage. James dies, and his will leaves his share of the property to his brother. Under Ohio law, if the property was held as joint tenants with right of survivorship, what happens to the mortgage?
Correct Answer
C) Linda takes full ownership through survivorship, and the mortgage remains on the property as a lien she must address
In a joint tenancy with right of survivorship, when one tenant dies, the surviving tenant automatically receives full ownership of the property by operation of law, regardless of the deceased tenant's will. The mortgage remains as a lien on the property, and Linda must continue making payments or otherwise address the debt.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A trustee sale is a type of foreclosure where a trustee, appointed under a deed of trust, sells the property at auction to satisfy the debt.
Usury is the practice of charging an interest rate that exceeds the maximum rate permitted by state law. Usury laws protect borrowers from excessive interest charges on loans.
A VA loan is a mortgage guaranteed by the Department of Veterans Affairs available to eligible veterans, active-duty service members, and surviving spouses. It offers no down payment and no private mortgage insurance requirements.
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Previous Question
Under Ohio's lien theory of mortgages, which party has the right to possess and use the property during the term of the mortgage?
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An Ohio borrower obtains a mortgage and simultaneously records it. A contractor who provided labor on the property files a mechanic's lien 60 days later, but the work was performed before the mortgage was obtained. Under Ohio law, the mechanic's lien: