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    reinsteinsr's Avatar
    reinsteinsr Posts: 1, Reputation: 1
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    #1

    Oct 26, 2008, 09:57 PM
    Florida Condo Abandonment Without Liability
    Good Evening,
    My mother died in 2001 leaving a revocable living trust of which my sister and I are the only trustees. The condo is the only item left in my mothers trust. The condo is not worth what it use to be and the whole area has changed for the worse. I am trying to find the resources that will give me the information about legal abandonment without incurring any liability or identifying my liabilities. This condo has an HOA and I have been warned that the HOAs can be very ruthless and I need to know how to walk away. I fear that the value of the condo will continue to drop and it just does not make economic sense any longer to hold onto it. I know that people are simply walking away but I do not know what is involved especially with the Home Owners Assocations.

    If you can respond back to me with some direction on where to look further or if you have expert advise then I am eager to read your response.

    Thank you for your time.
    Regards,
    Steve R.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    Oct 27, 2008, 05:50 AM

    You need to see an attorney, since this is in a trust as to any personal liability on this. Esp to see how trust was formed and exact terms of it.

    But you really need to sell it,
    How much is it worth, is there a mortgage on it ? If so , how much ?

    But if you walk away, I will assume there is a loan, and the bank will foreclose, the owners can be liable for the difference in what it sells for and the loan balance plus legal fees and sell fees. Also the HOA fees up to that point would still be owed also.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #3

    Oct 27, 2008, 06:17 AM

    The main question here is whether there is a loan against the property. If there is, then you and your sister will be held liable for the blanace of the mortgage if you abandon the property. I wouldn't be as worried about the HOA as I would the lenders holding the mortgage.

    If there is no outstanding loan, then why not try giving it to charity if you can't sell it?
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