Posted on: 27th Jun, 2011 10:51 am
Hi, I own a lot in a development that I am not able to pay for any longer. I have tried to sell the lot, but the property values have dropped drastically. The company we purchased from 4 years ago just had a clearance sale and drastically cut prices on the remaining lots. I know that this is going to affect my value even more. What should I do?
If it were me, I'd offer the Lender the Deed back, in lieu of foreclosure. If the Investor doesn't accept it, and you can't afford the land, or sell it, the remaining solution is foreclosure.