Cinder - If you are considering bankruptcy then you would include the home. If that is the route you decide to take, there would be no purpose in doing a deed to the mtg. company. Just wrap it up all in one package. That is if you want a clean start from everything. Bankruptcy stays on your credit for 10 years, there are statute of limitation laws (different laws in different states) depending on if it is considered a lawsuit on credit cards, breach of contract suit... any number of things, but they only have so many years to file suit in or be barred. They will continue to try to collect for 7 years. If they get a judgement against you, then the judgement applies for longer and can be re-recorded after 7 or 10 years depending on the state. There are lots of plus's and minus's to all the options. A bankruptcy attorney can go over all those options and often times the first visit to them is free. It wouldn't hurt to just schedule one and maybe get some specific answers for your state. Even try googling bankruptcy options florida. Most of your questions have been asked by others and some attorneys have forums that respond online.
I hope your Realtor is able to help you.
B