here is the situation:
person bought the house in florida a year ago.
the tenant left 6 months ago. after that there was some kinda water damage caused by the washing machine. the property manager didn’t fix the problem quickly, so the damage became huge. the house needs serious repair (like 25k) so it cannot be rented.
the insurance company was sitting on the case for 6 months. they said “they’re working on it” so the owner was waiting patiently.
mortgage amount is around 230k. and property value dropped since he bought the house to around 205k. minus the repair it needs 25k. So we’re look at a 180k value.
no tenant, and a 2000/month mortgage payment which he’s been paying for 6 months. now he had enough, and doesn’t want to pay anymore. he’s not 30 days late yet. and has a 680 credit score.
he’s sick of the whole situation, and wants out!
any suggestions?