Legal Question in Real Estate Law in Florida

If you are not on the Note/Mortgage you will not be financially responsible for the payment of the Note/Mortgage. In the event they can't make payments on the Mortgage and a foreclosure occurs you will still likely be named as a party defendant to the lawsuit because you appear on the deed. If the bank ultimately gets a judgment of foreclosure against your parents the judgment should not show on your credit report and you would have no financial responsibility under the Note/Mortgage.

If you are on the deed your only interest in the matter is your right to ownership. Keep in mind, if a foreclosure is granted you will also lose your right to ownership. Also remember that you, as part owner of the property, are responsible for any accidents or occurrences on the property. You need to be sure that any insurance policies list you as an owner and they adequately cover you AND your parents (and any other owners of the property). I generally suggest that people explore an "Umbrella Policy" through their current insurance carrier. These can be obtained relatively cheaply and can provide insurance coverage over and above any policy already in place.

Good luck.

Without seeing the actual documents it is hard to ascertain who is responsible for what. How did your name get on the deed alone? At some point they owned the property and transferred it to you? There may be a due on sale clause which would have been triggered and gave a right to the lender to accelerate the mortgage. Whether you are on the mortgage and note or not, you can be foreclosed of your interest. You just may not be personally responsible for any excess judgment.

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