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If your Florida home has a sinkhole can you do a voluntary foreclosure and let the lender deal with it as you no longer live in that state and how will this affect your credit?

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12/27/2006

I would talk to a Lawyer first to see if it is someone's faught why there is a sinkhole. And check with your neighbor's to see if they are having problems. Or if you let the bank take it then you will be responsible for the difference in what the house is auctioned off for and what you owe on it. Or I would maybe try to sell it as is. That would be your best bet. Now thisis how it is done in Ohio. You might want to check the laws in Florida. Good Luck * There is not such an action as a "voluntary foreclosure". If the lending contract is defaulted and the property abandoned by the borrower the same procedure will apply as if the borrower defaulted unintentionally. Likewise the foreclosure action would be entered on the borrower's credit report and would remain for the required 7 years. As noted, the best option would be to seek legal advice, as trying to sell property that is a potential danger without knowing the legal issues involved would not be advisable.