Understanding Your Options and Liabilities.

Inheriting property in Florida can be a mixed blessing if it comes with existing debt. If you've inherited a home or land with a mortgage, liens, or unpaid taxes, understanding your options and liabilities is key to making informed decisions.

Common Debt Types:

Inherited properties often come with mortgage debt, home equity loans, unpaid property taxes, HOA fees, and other liens like those from contractors or judgments.

Your Key Options:

• Accept and Assume: Take ownership and continue paying the debt, potentially refinancing.
• Sell the Property: Use sale proceeds to pay off debts. Consult a real estate agent experienced in probate.
• Renounce/Disclaim: Refuse the inheritance, passing it to the next in line and typically avoiding the debt. Consider this if the debt outweighs the value.

Important Liabilities:

Generally, you're not personally liable for the deceased's debts beyond the property's value. However, failing to pay secured debts like mortgages can lead to foreclosure. Be mindful of potential tax implications and the role of the Florida probate process.

Seeking Legal Guidance:

Navigating this can be complex. Getting legal guidance is highly recommended to understand your specific situation and rights. We can help you assess the debt, explain your options, and guide you through the legal process.

Taking Your Next Steps

Inheriting property with debt in Florida requires careful consideration. Whether you choose to keep, sell, or disclaim the property, understanding your obligations is crucial. Ready to discuss your inherited property? Contact Korte & Associates today for a consultation.