Q: We are in an upside down situation with a land plot mortgage in Florida. What can we do without hurting our credit?
No one will refinance and it is balloon mortgage. No one will buy it for the amount owed. If we sold it for current market value, we would still owe money. It is causing extreme financial stress. The owner with me is my ex-husband.
A: You can short sale it or try to deed in lieu; the bank takes title back and waives the debt. It will be tough to short sale an empty plot though as land sometimes is already a tough sale these days. You should contact a FL attorney
Essentially you have no solution that will meet the criteria of not affecting your credit.
See an attorney to see what options you may have and which may be the least unappetizing.
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