 morama7510
Joined: 26 Jan 2010
Posts: 2
1.65 Dollars($)
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 Posted: Tue Jan 26, 2010 8:48 pm Post subject: what can i do? |
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Hi Cliff
I hope you can help me decide what to do. I have a investment property in california that I was renting. Since November, my tenants left and now I'm having trouble finding new ones. This property has a old house but a huge lot (4 acres). This amount of land is what keeps me from letting it go.
I love the property but I'm loosing about $1,500 each month. Another bad thing on this property is that because of the location, and county rules; we can not divide, built or else in that lot. When we bougth it we didn't know anything of this.
An bankruptcy guy told us that under chapter 13 they can cram down the $310,000 we owe.
unfortunately, we don't have the money to keep doing the payments
what is the best thing to do?
chapter 13?
short sale?
A Deed in Lieu of foreclosure ?
please, I need your advise.
thanks |
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