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am I still responsible for the mortgage?

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asilva80 Joined: 23 Aug 2010 Posts: 1 1.35 Dollars($)	Posted: Mon Aug 23, 2010 4:20 pm    Post subject: am I still responsible for the mortgage? Like 0 Dislike 0 Hello, My father and I are on the deed to a condo in Florida. But the mortgage is in his name. He is 73 and the bank gave him a 30 year fixed (!?!?) This is the only property he owns that IS NOT in the family trust. I wanted to quit claim the property, but now I've been told that I may still be on the hook for the mortgage debt when he dies if it is not paid -- even when I am no longer on the deed because the mortgage was granted when I was. Is this true? Thanks for any advice! (Adm -- If this is not in the correct forum, please move.)
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Mon Aug 23, 2010 9:03 pm    Post subject: Like 0 Dislike 0 Hi asilva! Welcome to forums! If your name is not on the mortgage docs, you will not be held responsible for paying the loan. The lender cannot come after you though your name remains on the property deed. However, after your father's death, if the lender does not receive the payments on time, then he will foreclose the property to recover his loan. Feel free to ask if you've further queries. Sussane
asilva Guest	Posted: Tue Aug 24, 2010 1:56 am    Post subject: any follow up comments? Like 0 Dislike 0 Thank you for your prompt response! I was under that impression initially, but doesn't each state have its own mortgage law? That's what "threw" me. Because I think it's ironic that a mortgage company would approve a loan to someone at such an advanced age who is on SS for such a length of time without there being a "catch." And, the property was apparently over-valued at them time. So the mortgage company would inevitably suffer a huge loss if he died and no one continue to pay the mortgage. I find it hard to believe that a bank rep would be so foolish, but then again... look at AIG.

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