Fort Lauderdale Foreclosure Attorney.
From the facts as you present them, the signatures of both the husband and wife are necessary. You should absolutely consult with a real estate attorney before proceeding further.
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All of the answers provided so far have been excellent. If you stop making mortgage payments not because of financial hardship, that is known as strategic default. Choosing to engage in strategic default is something ultimately you have to decide to do. Some borrowers have done so because their homes are so underwater that from a financial perspective solely, it makes little sense to make payments on a mortgage that outweighs the value of the home. Businesses walk away from bad deals all...
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The worst possible thing to do is ignore it. I don't have enough information to know if you would ultimately be held liable, but if you don't respond then you will lose options. Step in front of it now. It would be wise to have an attorney walk you through the process.
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The property was sold at a foreclosure sale. The Bank likely was the highest bidder. After the sale you have 10 days to object to the sale. At the sale the court issues a certificate of sale. After those 10 days, if no objection is filed a certificate of title is issued. Then it is usually game over.