Posted on: 02nd Feb, 2010 09:46 am
My wife and I got caught to the downhill spiral of property values in FL. We bought a new home in June 2007 and we never even came close to selling our second home, prices were dropping like a rock. After a while we did find renters for our second home. As I type this, we are still losing $400 per month on the property.
To make matters worse, recently the septic system started backing up which has required several plumbing repairs. So far we have sunk another $2000 to keep the septic system running. I've been told the drain field needs to be replaced. To the tune of $5000 - $6000. No way are we going to do that.
Another huge expense we may face shortly in the roof. It needs replacing, so I figure it's only a matter of time before it will fail. We're at a loss as to how we can get this second home out of our lives. I'm sure there are others out there who have faced this issue. Any advice?
To make matters worse, recently the septic system started backing up which has required several plumbing repairs. So far we have sunk another $2000 to keep the septic system running. I've been told the drain field needs to be replaced. To the tune of $5000 - $6000. No way are we going to do that.
Another huge expense we may face shortly in the roof. It needs replacing, so I figure it's only a matter of time before it will fail. We're at a loss as to how we can get this second home out of our lives. I'm sure there are others out there who have faced this issue. Any advice?
You may want to consider a short sale. You can enter into a short sale even if you are current on your home this way you can maintain your credit and possibly relieve your self of this debt. I am in florida as well and may know investors that would like to buy your home if you do decide to enter into a short sale. I am glad to assist.