Agent

Homeowner’s equity extraction plan won’t work

Property unsalable until recurring defect is fixed

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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 DEAR JON: How do you pull the equity out of your property? The only two legal ways I know is either to sell it or to get a mortgage. If you get a mortgage, you really can't walk away. Your lender will search you down, and whether you are sued on the promissory note you signed or the property is ultimately foreclosed upon, your credit rating will be destroyed. My only suggestion: What is the cause of the flooding? Can th...