cfortunato: XXXXX XXXXX pertains to another rental property that is owned tenancy by the entireties with my spouse. We purchased this investment property in cash ($220,000). This condo property (now valued at $70,000) was pledged by me five years ago to secure a business line of credit. The business (llc) filed Chapter 7
last year and the balance of the line of credit was discharged. The major bank will attempt to obtain the pledged property. However, I informed the bank that the Mortgage is defective. My wife did not sign the note with the bank officer's full knowledge. Because I had a large savings deposit, he approved the line of credit.
This bank was acquired by another big bank. The new bank made an unsuccessful attempt to get my spouse to sign a new line of credit agreement. To further complicate matters, the Title company and the bank incorrectly spelled my first name on the bank documents. In addition, an incorrect condo unit number was assigned to the bank's property lien and recorded by the County Clerk.
Is it possible for the new bank to obtain court approval to foreclose/take possession
and ownership of the rental property and/or will the bank have recourse against my title company since I purchased the title insurance? Does the joint tenancy
by the entireties in the state of Florida outweigh the bank's claim to take ownership of the pledged property per the unsatisfied business loan debt?