My question involves a foreclosure in the State of:
basically me and my ex went in on a condo in fl. we ended up renting it out and moving out of city. got divorced. later found out from a family member that lives in the development and via letter from HOA that our development was suffering structure damage..etc...and HOA fees sky rocketed for attorneys(this was over 2 years ago).
Balconey was secured in my building because is structure issue. We toughed it out (me and ex) on fees and all while tennants feel on hard luck and got laid off..etc we reduced rent for them (to have something coming in) since we couldn't get new renters to even look at the place (already known in area not to move there)
had tennats on month to month until I told ex to just let them find another place...we are basically shoveling money into a worthless investment and a hazard to them. My family member who lives in the development in her own condo informed me they haven't gotten anywhere with the case in 2 years.
I'm wondering what would my returns be for actually holding out now and waiting for a case decision. Would there be compensation upfront for depreciation of the property? Would they just rebuild the entire lot?
I'm basically ready to let this mortgage go under because I don't see the point in continuing putting into the bad investment. It's depreciated to less than half of what it's worth retail not including my interest.
We tried a refinance, but cant find tennats to live in a structurally damaged building. Now it's just getting rough...ex is struggling with her job and I'm basically working to pay my rent and expenses and the mortgage and HOA..etc,etc.
I've never bailed out on a responsibility like this, but I'm afraid this deal was just a bad deal.
again....should I just continue to wait and pay and hope something comes out of this case? and what exactly are some possible outcomes? would they rebuild the development entirely? would they just recompensate us for the depreciated value? take over loans and we just pay our interest?
I'm thinking this could go on for years with no resolution.![]()

