Legal Question in Real Estate Law in Florida

How can we get out of a condo/hotel we own in Destin FL that we paid $420,000 which now has a market value of $120,000. Revenues that were promised barely reach $3000 per year and we currently lose $30,000 per year in debt on this property. We cannot refinance due to decline in market value and though we are willing to put it on the market the values are well below what we owe and we do not think we are eligible for short-sale.

Can you provide other options to get out of this debt as we have refinanced our primary residence to keep up with mounting debt?


Asked on 11/11/09, 8:11 am

1 Answer from Attorneys
Alan Wagner Wagner, McLaughlin & Whittemore P.A.

There is no easy out from this. If the bank won't budge, bankrupcy may be an option. You might consult with a llawyer to explore this option.

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Answered on 11/16/09, 11:28 am


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