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Florida Equity Line after death

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  • Florida Equity Line after death

    My mother and I have been sharing the same home for three years. It was put into both our names via quit claim deed two months before her death; however, the equity line on the home (there is no traditional mortgage) is in her name alone. I have contacted the bank and let them know of her passing and kept up payments. However, we are now trying to work through her estate probate. Do her estate funds go that home equity bill or is the loan now assumed to be mine alone as I am now the only owner of the home?

    Thank you.

  • #2
    Re: Florida Equity Line after death

    I wish to inform you that as home has been inherited by you thus you may pay the loan and in case you default on payment then bank may foreclose the house. Bank may not take action to prosecute against you personally untill an agreement regarding loan has been entered with you. Unless you do not have an agreement with bank the rights of bank are restricted to assets of your mother.

    AFF

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    • #3
      Re: Florida Equity Line after death

      Thank you. I understand I am responsible for payment on the home. I am just wondering if the equity line should be in line with the other bills for money from her estate. There is money there to pay the bills and the equity line, but I am not sure if the equity line benefits from the estate since my name was on the house.

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      • #4
        Re: Florida Equity Line after death

        Barring an agreement to assume the loan, her estate is responsible for tor the loan. You say the home was quit claimed to both of you. Was that JT tenancy with right of survivorship? Otherwise, her portion of the home must be processed as a probate asset also.
        Due to a recent promotion, I should now be referred to as Major Obvious.

        I would not be trying to provide information and knowledge if I did not sympathize.

        Some days it is just not worth chewing through the restraints to face life.

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