So to recap - 1st try a short sale and aggressively market the property and if this doesn't work try doing a deed in lieu to save time and money for you and the bank. Good-luck.
Are you still making payments on this home? Depending upon what the mortgage payments are, you might be able to rent it out and at least cover the mortgage and taxes until the market comes back to a stage where you can sell it.
The down side of "letting it go" is that your credit will be ruined for a long timen. If you are on a fixed income and you have good credit, that would be an extra terrible thing. So much of what we do is based on our credit score (insurance rates, loans, even the electric company wants to know what your credit score is before they say whether or not you have to pay a "deposit" to hook up your utilities, just to name a few).
If you do go into foreclosure, most banks are not continuing to seek out the loss from the former owners because the former owners don't have resources to tap into (you know, the old adage "you can't get blood out of a turnip.") If your mortgage rate is causing you the problem, have you contacted them to ask for a loan modification?
Have you considered selling your place in Philadelphia and moving to this home? Maybe you'd be more successful selling up there for a price you can deal with.
I certainly wish you the best. You didn't say where in Florida your home is located. If it's in Central Florida (Orlando and surrounding counties), I would be happy to give you a more specific opinion of your options. At the very least, have a serious talk with your agent--or get a new one that will give you honest advice.
Hope it works out well for you.
Coldwell Banker Residential Real Estate
I'm sorry to hear you are having such a hard time selling. Where in Florida is your home?
Please give me a call, and I will try to do whatever I can to help. I am a full time REALTOR in south Florida. Perhaps you just need some new insight on the market.
Regency Realty Services
Have you consider a lease or lease option to purchase? Therefore offsets your payment.
Sorry to hear about this.
Have you consider a new listing agent?
Is your home listed in MLS? Have your consider providing incentives to buyer or buyers agent assist in selling your home? What is feedback on home from your listing agent?
~ National Featured Realtor and Consultant, Lecturer regarding Credit Repair, Mortgage Loan Officer