Florida | Real Estate Law
Legal Question
My father resides in Florida and owned a house free and clear. Wanting to get out of Florida, he took out a HELOC loan on the house from Bank of American and purchased a house in South Carolina. Since that time, his house in Florida went from $429000 down to $259000 over the last 4.5 years, and is still unsold. He has had the house in SC for sale also but that market is suffering also. The house that he really needs to sell first would be his FL home.He owes B of A approximately $230,000. Now his wife died and he is consumed with her medical bills as she only had a AARP supplemental policy which covered a bare minimum. He is far from loaded and is starting to suffer financially from maintaining 2 houses.
We desperately need to get him out of Florida and at this point are trying to get him to consider walking away from the house somehow, whether is be a deed in lieu, or, hopefully get an offer on a shortsell.
In short, he is concerned that either method will have the bank coming after his house in South Carolina.
What would be the best way to get him out of a house that he's been unable to sell in almost 5 years?
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