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The mortgage note was signed by me, ONLY but my husband is on the deed and mortgage. If we short sale this home and move into another (former rental) home we own (free & clear) together, can a judment be filed against this or any other rental properties we own jointly. Remember, MY NAME is the only name on the note for the home that has a lop-sided mortgage and is right now our current residence. Thanks for any advice you can give me. We are located in Florida, Hillsborough County and the lender is out of state. We are willing to do everything possible to keep up this home and help the bank sell it as a SHORT SALE but figure there will be about a $30,000 deficiency. Thanks for your help!
Normally, any deficiency is addressed as part of the short-sale agreement with your lender. It's common for the lender to ask for a contribution at closing if you or your spouse own other properties. As part of the short-sale package, the lender will want *all* of your banking, retirement & asset info for you and your spouse, even if only one of you is on the note, and they can certainly use that info to try to collect later if no agreement is reached.
Best bet is for you to lawyer up now- don't trust an agent to protect you legally, they aren't lawyers.
It's very likely you can still do a short-sale, but you need to be careful.
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