First, to clarify, your original question did not request a "foreclosure attorney." You may believe that you provided this request, however, the post does not display any such reference.
Second, I thank you for your info on Florid law, though I am extremely familiar with the law of Florida.
Third, the question was posted in the Bankruptcy Law category, which is why I answered it as I did.
That said, avoiding liability for an underwater mortgage can only be accomplished by either: (1) getting permission from the lender to short sell the property, or to provide a deed in lieu of foreclosure, with an agreement to release you from liability for the deficiency balance; or filing for bankruptcy protection
There are, of course, anecdotal stories and a few actual legal cases where borrowers have avoided foreclosure by showing that the lender has lost the original promissory note
. Without the note, the lender has no standing to sue, which means that no foreclosure can be accomplished. Unfortunately, the mortgage remains in the county recorder's public record, so the owner/borrower, cannot sell the property unless the buyer is prepared to purchase subject to the lien. This can create a great deal of uncertainty for the buyer, who risks that the lender will "find" the original note, and then bring a foreclosure action under the original lien.
Consequently, this isn't a great overall plan, and further, it renders most of the anecdotes about mortgage "escapes" as mostly "smoke and mirrors," presented by lawyers who are looking to make a little dough by offering borrowers the promise of avoiding foreclosure.
Reality is that bankruptcy or negotiation with the lender to sell or provide a deed in lieu are the only two practical options. And, frankly, most people who think that they are not a candidate for bankruptcy, discover that once they present all of their financial circumstances to a competent bankruptcy attorney, that bankruptcy suddenly becomes a viable option, and the borrower can usually keep most if not all of their money.
Conssequently, I strongly suggest that you contact a local consumer bankrutpcy lawyer and "lay your cards on the table" to see what you can accomplish.
Also, if the lender believes you are going to file for bankruptcy unless you can get a negotiated settlement on the debt, then the lender may just decide that it's easier to let you off the hook, than to fight about the issue in bankruptcy court
All of which argues that you consult a bankrutpcy lawyer before you decide on any other option.
I hope I've answered your question. Please let me know if you require further clarification. And, please provide a positive feedback rating for my answer -- otherwise, I receive nothing for my efforts in your behalf.
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