Agent

Homeowner’s equity extraction plan won’t work

Property unsalable until recurring defect is fixed
Published on Aug 21, 2012

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by CareyBot

DEAR BENNY: I am the owner of a house that has flooded repeatedly over the past eight years. It is paid off. I want to pull the equity out of the property and walk away from it. How do I best approach this task? I have considerable cash assets that I do not want to put at risk.

I have asked the government to buy the property, but the state has not funded the program and I have no other recourse but to pull the equity out or lose it to depreciating marketplace conditions and the flooding stigma associated with it. Thank you for any advice you can offer. --Jon

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