Even if you did not sign the note, the lender MUST include you in the process because you are on the deed. Typically, they do this to avoid liability in cases where the innocent party (you) does not know that the debtor has stopped paying the debt. If you were so inclined, you could pay off the arrears and save the home. The lender cannot actually come after you for the deficiency and it will not hit your credit. They just have to show that they have notified anyone that MAY have an interest in the property. You may notice that they also reference "Unknown Tenants" in case someone is renting the home. To be safe, you should have a real property attorney review the papers you were served with to confirm what I have just told you. If, for some reason, they HAVE included you in the foreclosure action as an interested party, then some action would need to be taken to get your name removed.
Carol Johnson Law Firm, P.A. : (727) 647-6645 : email@example.com : Wills, Trusts, Real Property, Probate, Special Needs: Information provided here is anecdotal and should not be relied upon or considered legal advice. Every matter is different and answers given here are general in nature and may not reflect current Florida law at the time you are reading this posting. Please contact me if you feel you need additional assistance with your matter.
Ms. Johnson is correct. Because your name is on the deed, the bank must include you in the foreclosure.
You could offer to quitclaim your interest to the bank in exchange for a release from the lawsuit.
However, before you do so, you should do a cost benefit analysis to determine if you might receive any money after the foreclosure and sale. Surplus funds are rare - but it sometimes happens.
You should consult a local attorney.
I am not a FL attorney, laws vary from state to state, therefore you should always consult a local attorney.
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