Am I legally resposible for an equity loan on my mother’s condo in FL after she passes away?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Am I legally resposible for an equity loan on my mother’s condo in FL after she passes away?
My mother has a condo in Fl that she quit claimed to me with her and I as joint tenants in common with rights of survivorship.She has an equity loan on it which she took out a few years before she put my name on it. Am I legally responsible for the equity loan after she passes away?
Asked on April 18, 2016 under Estate Planning, Florida
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 8 years ago | Contributor
You are responsible in that if you want to keep the condo, you have to pay the loan off after she passes (or work with the lender to refinance in your own name, then make the monthly payments). If you don't pay it, they will have the right to foreclose on the condo.
If your name is not on the loan itself, you are not personally responsible or liable: you could potentially walk away from the condo and let the lender have it without be liable to pay.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.