Legal Question in Real Estate Law in Florida

Hi. I'm not sure what you've heard about "the government" but I don't think the government is your concern. If your lender gets a foreclosure judgment against you, they can pursue you for any deficiency. Sometimes lenders don't pursue deficiency judgments after foreclosure, so you don't know whether you will have to deal with this issue until the time comes. As an option, you might also consider a short sale or a deed in lieu of foreclosure. In either case, you might be able to negotiate away the deficiency. It might also be worth your while to hire an attorney to negotiate on your behalf.

If the line of credit was not in your name, you shouldn't have any personal liability on the line of credit loan.

If you do not file an answer to the foreclosure lawsuit, then it will be sold and you will owe the lender for any deficiency. The lender will get a deficiency judgment against you. To discuss what this means for you, I suggest you consult with an attorney. An attorney can also help you negotiate with the lender, and file an answer on your behalf so that you don't just give them your house without making them prove their case. When defended, a foreclosure can take six months to a year. I handle foreclosure defense and offer free telephone consultations.

Regards,