[dlongworth]

I am attempting to do a short sale on my other house. (Not homestead) However, if CW doesn't complete the process in the time limit I've been given from the buyers (60 days), it will go into foreclosure. If only my name is on the Note, but mine and my husband's name is on the Mortgage, are we both able to be sued for the deficient amount? Or am only I responsible because only my name is on the Note? If my husband and I have a bank account, will they be able to levy those funds? The house is in Florida.

[ScottGem]

I'm confused! The note is generally the mortgage. The note, however is generally what pledges the property as security.

New federal rules may preclude them going after you for the deficiency. But if they can and do, then that can attach any cash assets.

[dlongworth]

Ok, I was wrong. My name is on the Adjustable Rate Note and both my husband and I signed the Mortgage. Who would they file the foreclosure against? Just me or both of us?

[ScottGem]

This still doesn't make sense. Do you have 2 loans against the property? Why would the note be separate from the mortgage?

P.S. Please don't follow-up via e-mail. Just post to the thread as you did.

[LisaB4657]

Scott, only the OP's income was used to obtain the mortgage. That's why only her name is on the note. But since both the OP and her husband own the property the husband had to sign the mortgage as well.

The foreclosure will be filed against both, since the foreclosure is the actual taking of the property, but any deficiency on the note will be the responsibility of only the OP. That means that they can attach any bank account that the OP's name is on, even if she has an account with her husband.

Only the OP is personally liable for the deficiency. The husband is not.

[dlongworth]

Actually I do have 2 loans, but that also has a separate Adjustable Rate Note and then a Mortgage. When I originally got the loan, only my credit and income was used to secure the loan, however, because I was married at the time, my husbands name was added to the Mortgage.

[ScottGem]

Thanks Lisa, so the note is separate from the mortgage? I thought they were the same.

[dlongworth]

Even if the bank account is titled, Husband and Wife, or Tenants By the Entireties they will be able to get the funds from the bank account?

[LisaB4657]

Thanks Lisa, so the note is separate from the mortgage? I thought they were the same.

Separate. The note is the specific obligation to pay back the loan. The mortgage is the security instrument that allows the lender to take the property if the loan isn't paid.

Most people refer to the two of them combined as the mortgage. But they really consist of two separate documents--the mortgage and the note.

[LisaB4657]

Even if the bank account is titled, Husband and Wife, or Tenants By the Entireties they will be able to get the funds from the bank account?

Yes, I believe so. They should be able to attach any account that has your name on it.

[ScottGem]

As long as you are listed as a joint owner of an asset, then they can attach it.