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I bought a piece of land in Florida as an investment in 2005. It is now upside down and I am having difficulty keeping up with the payments....I am not late as yet. Do you think the banks would consider a short sale on an investment property? Is it better to just walk away? What are my options? What would be the conequences. Any help would be greatly appreciated.

smithsussane · Posted: Tue Jul 06, 2010 8:19 pm Post subject:

Hi flinvestor!

Welcome to forums!

Rather than walking away from the property, it is a good option to contact the lender and apply for a short sale. This will help you in getting rid of the property and your credit score won't be affected much. It will get lowered by 80-100 points. However, you would be liable for paying off the deficient balance resulting from the sale of the property.

Feel free to ask if you've further queries.

Sussane

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