Posted by Kimberly Ramsey on August 25, 2008 at 14:11:25:
I own an investment property (vacant land) that I bought for 250K in 2005 in Scottsdale, AZ. Recently I was advised to give it back to the bank because the value of the land has decreased to exactly what I owe on the property although I put 50K down. The loan is delinquent at this time, but not in foreclosure yet. I know that in 2-3 years the market will turn up again, but by that time with my payments I will have put too much in to the property to ever really recover. What should I do to avoid dinging my credt and is there a way for me to sell this note in a way that benefits me?
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