Legal Question in Wills and Trusts in Florida
I am an unmarried woman with 6 children each named as beneficiaries in my will. I live in my own home. When I die what happens to the mortgage? Are my beneficiaries responsible for satisfying the loan?
Asked on 10/15/12, 6:41 am
3 Answers from Attorneys
Barry Stein
De Cardenas, Freixas, Stein & Zachary
Yes, if they want to protect their equity interest in the home. They are not personally responsible for the mortgage, but if it goes into default, a foreclosure can be filed and they will lose any interest that they may have. NO personal judgment can be entered against them other than for the property itself.
Answered on 10/15/12, 6:48 am
Lucreita Becude
Lucreita D. Becude, P.A.
Mr. Stein is correct.
Answered on 10/15/12, 7:01 am
David Slater
David P. Slater, Esq.
Your estate is. The lender will be a creditor.
Answered on 10/15/12, 11:30 am
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