Legal Question in Real Estate Law in Florida

The bank will eventually take your house through foreclosure, let it go into decline, and the vagrants will camp out in it, and the vandals will take whatever can be cut out with a saws-all, and then the bank will sell the house (for much below market value), and then chase you for the deficiency.

If you have any money, a job, or any assets, the bank will get a judgment against you and will go after these funds. If you are on the verge of bankruptcy, you may be able to convince the bank to accept a short sale. You will need a bankruptcy attorney and a real estate attorney.

If you are not on the brink of bankruptcy, you must spend your money on this pretty much worthless property, until you are on the brink of bankruptcy. You can try to refinance if your rate is high, but the appraisal will likely not work in your favor. You can also try to sell the property, but will still be obligated to pay the loan. You can try to sweet talk the bank into modifying your loan, but you must be able to prove that you cannot make the payments, and that foreclosure is imminent, but that you can make some sort of lower payment, that will be up to 38% of your monthly income, and the bank will tack on the difference to the end of your loan, making your new loan a 40 year loan, and turning you into a renter who will probably never actually own your home.

If you are not on the brink of bankruptcy, you have no alternative except to pay the loan. The government bail outs do not protect or help responsible folks who have good credit, pay their bills, and bought property within their means. Keep this fact in mind when you vote in November.