Legal Question in Real Estate Law in Florida

My home here in FL was purchased in 2004 with a mortgage for $266,000.I received a notice in the mail 2 weeks ago from the county appraiser's office saying that my house is now valued at @138,000. My husband moved out in 2006 and wanted to sell the home at that time, but I didn't want to because of the capital gains tax we would have to pay for not having owned it for 2 years.At that time we didn't forsee that the housing market was going to spiral downward. I continued to stay in the home and pay the mortgage payment and everything else with no assistance from him whatsoever. It was a struggle but I was able to do it until I got sick in January and was off work for 4 months. I then found another job but it was for less hours and less wages, and I only worked there 3 months. I am currently unemployed waiting for my unemployment compensation to kick in while I am looking for another job.The last mortgage payment I made was in Jan 2010. The bank used to call here everyday asking to speak with my husband, and would not even discuss anything with me.My husband is angry with me because we didn't sell the house back in 2006,because I couldn't keep up with the payments after I got sick, and because the foreclosure will ruin his credit, and the bank will probably sue him(or both of us) for the difference between what is left on the mortgage and what the home eventually sells for. Both of our names are on the deed, but his name only is on the mortgage. He has lived in TN since 2007 and rents an apartment there, and doesn't want to hold on to the house However, he says if the bank sue him, he will sue me for the money owed the bank and for ruining his credit. Can he do this? As stated before, I alone have made the mortgage payments, paid the HOA fees and everything else involved in maintaining this home over the years, hoping the real estate market would turn around and we could at least sell it and break even. Now, I am unemployed, the poorest I have ever been in my life,no money to consult an attorney, waiting til the dreadful day someone from the sheriff's office comes to evict me, and I have no money to move and no job. I wonder how much time I have to get out of the house once I receive an eviction notice. I am stressed to the max. What kind of legal trouble am I in here? Aside from eventually being homeless, can the bank and/or my husband sue me?

Asked on 9/26/10, 7:22 pm

David Slater David P. Slater, Esq.

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1. Since you did not sign the mortgage note, you are not responsible to the bank.

2. Foreclosure takes a fews months to process.

3. I do not see how you owe anything to your husband.

Answered on 10/02/10, 4:31 am

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