Quote:
Originally Posted by EdFNJ
My father had one. He passed away about 3 years ago at 93 and at that time his payoff was ~$140,000 on a small condo worth maybe $60K in Broward County in South FL. After he passed the bank and the condo assoc and Bath fitters lawyers (they gave him at 93 yrs old a $7K loan for a bathroom remodel 3 months before he passed) all tried over and over to collect from ME but on an attorney's advice I just ignored it since I had nothing legally to do with it. Just walked away from it Went into foreclosure and has sat empty since then. The RM was great for him in the years he had it. When he took it out in 2006 the bank valued the $60K property at $170,000 !!!!!! The $600/month + SS helped him "live" by himself especially after my mother passed well before that. They netted well over $100,000 on it. The Feds got it and still own it. He couldn't have got anywhere near that anount on a HELOC.
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What happened to the remainder of the money? Did you keep it? Not judging but really asking.