Legal Question in Real Estate Law in Florida
My wife has a mortgage on a home in her name only, we are married and live together. We have a equity line of credit on the home in both our names. If we are unable to keep paing the mortgage and the line of credit, and the house goes into forcloser, what happens to the debt of the line of credit. Are we still responsible for it? Can the lender of the mortgage or the line of credit lender come after us for any money? Are we still required to pay for insurance or property taxes or can the lenders try to charge us for that bill?
2 Answers from Attorneys
Each lender can sue under their own promissory note and each can sue you for the amount due under the particular loan. If you don't pay property taxes, then you can eventually lose the property to a tax deed.
Yes, you are still responsible for the debt on the line of credit. You are still required to pay insurance and property taxes. If you fail to pay property taxes, a tax lien will likely be placed on your property. If you would like a consultation regarding foreclosure avoidance, please call. Regards,
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