How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Ray Your Own Question
Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 42218
Experience:  Texas Attorney for 30 years dealing in real estate
Type Your Real Estate Law Question Here...
Ray is online now
A new question is answered every 9 seconds

I purchased a rental property 10 years ago in Florida. I was

Customer Question

I purchased a rental property 10 years ago in Florida. I was suppose to move there but life didn't work out. I have since been renting it and getting much less rent then what my mortgage payment is. I already had my payments lowered but I am still over my head. Now what has happened is the house is in need of repairs.. my tenants not paying and I don't have the money to make the major repairs. I can barely get food on table for myself and I drive an old car I'm afraid will be dead soon. I know I understand I could go into forclosure but then I have a huge amount from what I owe and what it's worth that I will be punished on. I figure I've lost thousands of dollars over these years ..trying to be the good person and not go into disclosure. Please help thanks!
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Ray replied 1 year ago.

Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question, conduct and prepare your response.

Expert:  Ray replied 1 year ago.

Here your best option is s deed in lieu where you deed it back to the lender.You contact lender and ask about that.With a deed in lieu the idea is that they forgive the deficiency and in return they get it back without foreclosure.This is the best option given your situation.You can see if the lender will go along and provide you with the deed in lieu form to sign.Otherwise Florida only has judicial foreclosure through the courts.That means they sue and serve you and that a judgment here for the deficiency is entered.This will cloud title if you have other real estate.So again the deed in lieu is better for you.

It will ding your credit but avoiding a deficiency is the best way to go here to resolve all of this.

Expert:  Ray replied 1 year ago.

Reference to deed in lieu

I appreciate the chance to help you tonight.I wish you the best resolving this.Thanks again.