Legal Question in Real Estate Law in Florida

We are in the process of a divorce. At this time we are up to date with the mortgage payments. We owe $171,000 on the mortgage, but the property values have plummeted from $220,000 in 2007 down to $85,000 to $109,000 now due to foreclosures and abandoned homes in this housing develpment. When we discussed this with the bank, we were told that we had to be delinquent in the payments, and have financial data to prove that we cannot afford the payments.Plus the residence had to be on the market with a real estate broker for 90 days Since the price that we will get for the house will be less than we owe, we will not be able to pay the real estate fees. So what is the point in getting a realtor? Right now we are co-existing to be to make the mortgage payments, since neither one of us can buy the other one out. And we cannot afford to move to another location, pay those expenses and continue to pay on the mortgage at this residence. We are both employed at our same jobs right now, so we cannot provide financial documentation that we cannot afford the payments unless one of moves out and we become delinquent of the mortgage payments. Many people have told us to quit paying the mortgage and move out. What do you recommend?

Pam


Asked on 4/18/10, 4:33 pm

1 Answer from Attorneys
Lesly Longa Longa Law P.A.

That's a complicated question. The right answer depends on your goals and whether you want to try to stay in the home. You need the assistance of an attorney who handles foreclosure avoidance. Please feel free to contact me for a free phone consultation. Regards,

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Answered on 4/28/10, 6:55 am


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