If three people buy a house and all three people have their name on the deed but only two of the people are named on the mortgage. If the two people listed on the mortgage die and there is still a morgage left to pay (once past insurance, etc), will the third person have to obtain a new mortgage, assume the current mortgage, sell the house or turn over the house to the bank?
oh i see... the house is a three family owner occupied. Each person on the deed lives in one of the apartments and all three persons are related and have aggreed "verbally" that the house is shared and owned one third each. (same with all payments for any house matters)