Joan and Jan Brewer own their home as joint tenants with ROS. Jan borrowed $375,000 from First Thrift Trust. First Thrift Trust took a mortgage on the property owned by Jan and Joan. Joan was unaware of the mortgage and did not sign any paperwork for the mortgage. Jan has died without paying off the First Thrift Trust loan. Which of the following statements is correct?

Question

Quizplus · Accepted Answer

Since Joan did not sign the mortgage and was unaware of it, the mortgage does not affect her interest in the property. Upon Jan's death, Joan becomes the sole owner of the property due to the right of survivorship in joint tenancy, and the property is not subject to the mortgage.

Joan and Jan Brewer Own Their Home as Joint Tenants