Legal Question in Real Estate Law in Florida

My brother talked me into buying one of his condos that he assured me he was going to flip - 5 years ago - because he needed some cash. I live in Florida and the property/condo is in Georgia. My brother was supposed to fix it up and never did. I put in about 6,000 to get it rented but it needed so much more that I can't find a renter. I am now stuck with this property that can't be rented without putting money I don't have in to it and I can't afford to keep it any longer. I lost my second job and live paycheck to paycheck which allows me to afford my mortgage and bills in FL. I have paid on this for 5 years and can no longer do it. I contacted a Remax realtor in Georgia who is trying to sell it and then try and do a short sale. I have a 401K and my question is, if they can't sell this (owe 112,000 and they are now going for about 60,000) and I do a short sale, can Bank of America (which holds the mortgage and 2nd on both my primary residence in Florida and the investment property in Georgia) attach my 401K or lien my FL house (which is homesteaded)? I would love to avoid foreclosure but just don't have anything to pay for the Georgia condo any longer.


Asked on 8/31/09, 6:16 pm

1 Answer from Attorneys
David Slater David P. Slater, Esq.

The objective of a short sale is to get the lender to agree to the sale for less than the mortgage owed and waive any personal liability. Speak with your lender.

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Answered on 8/31/09, 6:39 pm


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