Any options for a guy who wants to walk away from a flood damaged condo in ohio??

Question

My county in Ohio (Lake) was recently declared a national disaster zone. I own a condo up there and it's my primary residence. The damage was pretty bad. Water filled the entire basement and leveled off at about 2-3 feet high on the first floor. Well... due to this I just want to get out of this property. I was even trying to sell it before the flood happened. If I were to walk away from this condo and move into an apartment, not making any payments, what can I expect?? I have no flood insurance and am waiting to see how much FEMA is going to give for repairs. I have no assests and I pretty much live on a check to check basis. The way I look at it I'm F'd as it is, even if I repair the condo the area surrounding it is complete crap anyways and will most likely not be fixed up anytime soon. Also who knows how many other condo's aren't going to fix there own, and based on that I have to worry about mold. This seems like my only option any help would be appreciated!!!! Thanks!

Answer 1

Do you have any equity at all in it? B/c if you do, keep paying. If not, your bank will end of forclosing and selling it at an auction. If it sells for less than the loan you had on it, I think you may still be liable for that amount. And it will also ruin your credit as well. FEMA takes forever to do anything.