Legal Question in Real Estate Law in Florida

I have already contacted BOA and they basically said they are unwilling to work with me on my loan. I also do not qualify for a short sale because I am gainfully employed and can make my payments. I owe $126K on a house worth about $80K max. The house is a 2/1, 750 sq. ft. Others houses in the area are not selling above $70K and I do not see it improving anytime soon. It is not a great neighborhood and most of the recently sold houses have been purchased by investors. We want to move for many reasons, including preparing to have a 2nd child..

Should we: A) Buy another house first and then Foreclose on this one, B) Get an attorney and try to get a Principal Reduction and then sell, or C) another idea? We really feel stuck because we know our house will probably never be worth what we paid for it.

If we are able to buy another house first, I do not really care about the consequences to my credit afterwards. I am more concerned about legal repercussions and fees. Can BOA get anything out of us? Any thoughts welcome please!! Thank you.


Asked on 6/28/11, 8:38 am

1 Answer from Attorneys
Latangie Williams Law Office of Latangie Williams, P.A.

You have to find the best option that works for you. If you need an attorney that handles foreclosure defense, bankruptcy, etc, please contact my office at 904-576-2581 or email me at [email protected].

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Answered on 6/28/11, 12:45 pm


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