Is There A Deal Here?

[Steven Pagliocca]

I own a house that I have not paid on for 8 years. I forfeited the property in bankruptcy six years ago, but the bank refuses to foreclose, so the house is still in my name. The original note was interest only for 196k. The house is in disrepair and has black mold. It is a 4/2.5, 2,500+ sf with a 1/1 guest house on 1ac in a desirable area of Jacksonville, FL and has an ARV of 260+.

My gut tells me that there is a deal here, but I don't know how to capitalize on it. Looking for advice and suggestions.

[Minna Reid]

If you have not paid on an interest only 196k note for eight years - you owe a lot more today. Your best bet is to get a payoff statement for the loan so you can see what it would actually take to clear the loan. Without that you really have no information to work with.  If you have equity - maybe there is something you can do to profit on this. It is also a possibility the debt is more than the home could sell for....and in that case there is no possibility for profit - but you could finally get it out of your name by perhaps short selling it or doing a DIL (assuming title is clear otherwise).