Legal Question in Real Estate Law in Florida
A few months ago I had my Deed changed, and that gave my nephew 25% ownership of my condo. At my death, he gets 100% ownership. However, I'm thinking about just walking away from my condo since it's value has decreased by $25,000. My debit/credit ratio would allow me to purchase another home. Would my nephew be liable if I walked away from this mortgage ?
1 Answer from Attorneys
You will not "walk away" from your mortgage. The American people have been misled into believing that this is an easy fix. It is apparent that you have other assets. Your lender will go after the borrower (you) for any assets that you have, money, equipment, vehicles, income, etc, to satisfy your debt. You need a real estate attorney to review your property and loan information, before you make a bad situation much worse.
Unless your nephew is a guarantor on the note, he will not be liable for the loan, but the bank will eventually take your property, sell it for much less than it's worth, and chase you for the deficiency, leaving your nephew with nothing.
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