Legal Question in Wills and Trusts in Florida

Inherited a condo I don't want and can't afford

My father recently passed and left me the condo he lived in in Florida. The condo still has a total remaining mortgage of $37,000 ((monthly payment of approx. $290) and a monthly maintenance fee of $420. The current market value of the condo - due to the bad real estate market is barely $40K. My father left no other assets. I cannot afford to pay pay the monthly fees associated with the condo. What are my options? Can I walk away without damaging my credit rating?


Asked on 7/16/09, 12:27 pm

2 Answers from Attorneys
Michael Berman Law Offices of Michael A. Berman

Re: Inherited a condo I don't want and can't afford

Can you provide more details on the age and location of the unit?...perhaps the building association or a neighbor would offer to buy or rent the unit...

Mike

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Answered on 7/16/09, 1:46 pm
David Slater David P. Slater, Esq.

Re: Inherited a condo I don't want and can't afford

Yes or once appointed personal repesentaive of the estate,You can also try to sell or rent it. I know many brokers who would try.

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Answered on 7/16/09, 10:02 pm


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