Legal Question in Real Estate Law in Florida

Hello,
My wife and I own a piece of land in Florida. My brother is a co-owner, but is not on the mortgage. We had some financial hardship and stopped making payments for some time now, and the bank is threatning foreclosure. The problem is the land is now worth about 10% of what we paid for it. So even if we are able to make payments again, we feel like we are throwing money that we need out the window for a piece of dirt. We are considering just letting the foreclosure happen and suffer the consequences, but we are unclear as far as the legal and financial recourse this will have on us. We understand our credit will be ruined for some time, but can we be sued and if so for what amount? Can we go to jail over this? What exactly can they come after us for?
Thanks

Asked on 11/08/10, 5:28 pm

David Slater David P. Slater, Esq.

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They can pursue a deficiency money judgment against you for the amount owed after sale of the property. There is no debtors prison in the US.

Answered on 11/13/10, 5:51 pm

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