Real estate ‘deadbeats’ stay but don’t pay

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

My wife's sister's husband's family lives in a condominium on Florida's Gold Coast in which they are no longer making any mortgage payments. "How does that happen," my wife asked me. As always, I turned to experts to find out. I'll begin by saying my brother-in-law's brother, sister and mother, as a group, are not the most financially astute people in the world. Their story begins with my brother-in-law's mother who owned free and clear a Florida condominium, but the unit needed considerable repair after being pounded into submission by a series of hurricanes that hit the state a few years back. Instead of getting the condo immediately fixed and ready for occupancy, her children decided instead to move in with her and buy a new, bigger condo with one of those cheap, specious mortgages offered to folks with little or no credit, which neither my brother-in-law's sister nor her brother had.Now, it's a few years later and they can't afford to pay the ever-increasing...