Legal Question in Real Estate Law in Florida
right of survivorship and mortgage
The mortgage is in my name only. If the deed has both of our names on it with right of survivorship (we are not married), if I die I know that the other party gets the property but is my estate (mainly my son) responsible for the debt?
1 Answer from Attorneys
Re: right of survivorship and mortgage
I can almost guarantee that you have it wrong. If his name is on the deed then the mortgage company would have required him to sign the mortgage. He may not have signed the promissory note, so he would not have personal liability on the debt. Pull out a copy of the mortgage and see if he didn't sign it. At any rate, it is extremely unlikely that the mortgage company would try to go after the assets in your estate, and that is assuming that you would have assets in your name alone at death with no named beneficiary.
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