Legal Question in Wills and Trusts in Florida
Heir Liability ? Mortgage in Estate
I am 1 of 3 Heirs that were left a heavily mortgaged home as part of an estate. We started foreclosure proceedings w/the mortgage company. Is it possible for the heirs to be financial liable to the mortgage co. for the monetary difference betwn the eventual home sales price and the outstanding mortgage balance at the time of the sale once the home is sold i.e. IF the sales price doesn't cover the mortgage balance).
2 Answers from Attorneys
Re: Heir Liability ? Mortgage in Estate
NOTE: This communication is not intended as and should not be interpreted as legal advice. Rather, it is intended solely as a general discussion of legal principles. You should not rely on or take action based on this communication without first presenting ALL relevant details to a competent attorney in your jurisdiction and then receiving the attorney's individualized advice for you. By reading the "Response" to your question or comment, you agree that the opinion expressed is not intended to, nor does it, create any attorney-client relationship, nor does it constitute legal advice to any person reviewing such information, nor will it be considered an attorney-client privileged communication. If you do not agree, then stop right here, and do not read any further.
No. You may lose the home but you will not be responsible for any deficiency unless you agreed to pay the Mortgage by signing the Promissory Note. You can rest assured that the lender cannot come after you for any losses.
Scott R. Jay, Esq.
Re: Heir Liability ? Mortgage in Estate
No unless you or any other heir signed the original note or the original mortgage
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