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 4 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.


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