Legal Question in Real Estate Law in Florida

Real Estate Foreclosure

I sold a Town House in August 1995 with a 5 year $70000 Baloon due 8/1/00. The buyer is divorced and has never missed a payment. However, she can not meet the Baloon and has not been able to get a new mortgage because of a bankrupsy (we did not know this at the time of sale) in 1994. She now has "Cronic Fatigue Syndrom" and is getting SSI so her syndrom has been documented. She said she is unable to seek a new mortgage or sell the house because of the syndrom. What should I do. We are 75 and 70 years old and want to clear up this matter and get along with out lives.


Asked on 2/06/00, 9:22 am

2 Answers from Attorneys
Joel Cohen Joel M. Cohen,P.A.

Re: Real Estate Foreclosure

Its a shame that you are faced with this problem at your age. Fortunately, you have options. One set involves regaining the possession and ownewrship of the property and reselling it, hopefully for cash this time. The other set of options involves renegotiating and extending the note to allow the buyer to try to sell the property. You can also try to sell your mortgage at a discount and let the buyer worry aboutit. Your telephone inquiry is welcome. 850-434-5524

Read more
Answered on 2/07/00, 9:01 pm
Randall Reder Randall O. Reder, P.A.

Re: Real Estate Foreclosure

Mr. Cohen is right.

Read more
Answered on 2/07/00, 11:48 pm


Related Questions & Answers

More Real Estate and Real Property questions and answers in Florida