Property Q&A in Leesburg>Question Details

Greg, Home Buyer in Leesburg, VA

what are the ramifications of forecloser on investment property in Florida other than credit?

Asked by Greg, Leesburg, VA Thu Feb 16, 2012

I have a property located in Leesburg Florida that I now try and rent as I no longer live in Florida. The renters have moved out and now I have to look at supporting that property myself which is almost impossible. It is an investment property to me, what if I walk away? Other than the credit issues what else? My husband and I bought the property, lived there,he suddenly passed away now I am not there? This was not planned but I can not support this property for much longer

Help the community by answering this question:


Credit hit will be the hardest.
However before you walk away, if you have a hardship as you explain in the question. It is very possible that your lender would approve a short sale of the property.
I recommend you find a Real Estate Agent in Florida that is an expert on Short Sales and working with banks. I would also recommend you setup a meeting with a CPA and discuss with them the possible TAX ramification of both Short Sale and if you walk away and let it go to foreclosure. Both situations could cause you to owe the Federal Government income taxes.
0 votes Thank Flag Link Wed May 16, 2012
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