Ok. I really need help. I feel so overwhelmed. I need to know what the foreclosure laws are in Florida. My husabnd bought two houses with his sister for investment that did not work out. In fact, the house is not even worth what we paid for it. It apprasied at nearly $100,000 less. To make a long story short these houses have took an impact on his life. A few months ago we contacted a bankruptcy lawyer and are about to get the ball rolling on this. Tonight I was told by some people not to do bankruptcy and to simply let the house foreclose since that is his only debt.

My question then is if he lets the house foreclose and they sell it for less, which they will, does he have to pay back the difference of what's owed? Now I am confused as to if we should to bankruptcy or simply foreclose. Please help! We live in Sarasota, Florida.

In this same subject take a look at only a house, bankruptcy or foreclosure?

Same scenario, good and comprehensive advice.

He can choose to file now, or wait until the foreclosure is completed, and if collection activity begins, file then. I should not matter whether he goes one way or the other. Florida may use 'judicial' foreclosure, meaning your husband will receive court papers periodically.