Man begs to be foreclosed on

[Pale Blue Dot]

Welcome to South Florida's real estate twilight zone. During the real estate boom, homes could sell in weeks or even days. Now, it's months or even years.

In fact, at least 9,828 homes — about one of every 10 homes for sale in South Florida — have been on the market for more than a year, according to ZipRealty, a real estate firm that tracks properties by listing date. At least 1,058 have languished for more than two consecutive years in Broward, Palm Beach and Miami-Dade counties.

...

Steve Lee moved from Pompano Beach to Los Angeles but hasn't been able to sell his three-bedroom condo, which he put on the market in April 2006, despite cutting the price from $224,900 to $99,000.

Part of the problem, he said, is the home was damaged after a water leak and sewer backup. The repairs are done, but he's still tied up in lawsuits with his condo association. He's begging the bank to foreclose so he can cut his losses.

"I don't want a penny, just take it," Lee said. "It's absolutely destroyed me — mentally, physically and emotionally."

http://www.sun-sentinel.com/business/realestate/sfl-flbhouses0622sbjun22,0,162469.story?ref=patrick.net

[Stuckinthebush]

1. Keys in the mailbox and walk away

Let the bank have the thing.

[Wcross]

2. The bank will get around to it.

As long as he stops making payments the bank will eventually take it. He isn't going to "cut his losses" by having it foreclosed upon quicker, the loss will be realized at the auction the bank will sell it at.