Legal Question in Real Estate Law in Florida
I am half owner of a house in Florida. The Mortage is in my name alone, the deed is 1/2 intrest myself and another person, no legal or relational ties. The other person is disabled and can get a property tax break, but not while I am on the deed as 1/2 onwer. Can I just take myself Off the deed and still keep the mortgage in my name without having any intrest in the house? I would hand over full ownership but since the disabled person is unable to get a mortage, keep the mortgage in my name.
2 Answers from Attorneys
There are many issues that affect this type of transaction and which there is not enough information. For example, is the person who is disabled reeving any medicaid benefits? If so, that person risks loosing those benefits. Further, you will have no right to the property, yet be responsible for the mortgage. This in itself is not a good arrangement. Just based on the information provided, I cannot state whether the tax benefit would outweigh the other considerations.
I doubt your lender will agree.
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