Question: I own a home in Florida. We owned the home outright and then got a home equity line of credit. We have not made a payment in 2 years!! I heard they can not evict. Is this true? I call and email them all the time and they never respond.
Answer: -You haven’t made a payment in two years and you own the home outright beside a small line of credit…You are crazy for not making that payment unless the home is not worth what you owe on the home equity line of credit. No they can’t evict you…yet! Once they foreclose on the property they can evict you. I would try to get something worked out quickly especially if you have a great deal of equity in your home.
We have a three story condo on the water in florida, with a boat slip. While it seemed like a GREAT investment when we bought it 2 years ago for $180,000. The unit next to us is not selling for $75,000. Isn’t as nice and doesn’t have quite the amentities but still, not even a nibble. The community is unfortunately run down, looks like the projects honestly.
So sad as we are in a great location with lots of amenities. I got on the board to try and fix but was shot down. So now I hate where I live and the new board is not going to bring this place up to par. We are now 3 months behind, because honestly we don’t care anymore. While we love the house the environment is to hostile for our liking. Way too many mean people.
I don’t see our house value improving and truthfully I am worried about he State stepping in worst. There is seriously no hope with the new board. We are thinking about walking. We have PMI but how does that cover us? Can we walk if we try to sell? Can we just turn the keys over?
Financially I think it would be better to walk as our mortgage payment and dues is almost $2200 a month, almost $500 more than we originally anticipated. Yep we made a bad decision and now we are just trying to figure out how to get out without being completely burned…any advice?
This seems to be very common lately with many homeowners. (The property is not worth what it used to be) You just need to decide what you would like to do. It sounds to me like you don’t want to stay even if you could afford the payments> I know that loan modifications are hot right now and it’s not uncommon for lenders to lower interest rates down to 2% if you qualify. But if you don’t want to stay there, you might as well not waste your time applying for a loan modification. You could try to give the home back to the lender. It’s called a deed-in-lieu foreclosure. There are certain restrictions…meaning the bank may not take it back, but it’s an option to prevent foreclosure. You could also try to do a short sale on it. Find someone willing to buy your home, (price doesn’t matter) and submit the offer to the bank. If they accept then you’ve avoided foreclosure and they will most likely 1099 you for the loss. As with any option, the more you know the better off you are.