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Mortgage on building lots

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rauschkolb Joined: 14 Feb 2010 Posts: 1 1.27 Dollars($)	Posted: Sun Feb 14, 2010 7:52 pm    Post subject: Mortgage on building lots Like 0 Dislike 0 I have 2 building lots in a NC coastal community that are worth far less than I paid for them. I am currently paying $2500. a month on a mortgage amount below what the properties are worth. Do I have any options to get out from under this investment?
Niicss Joined: 03 Oct 2005 Posts: 4834 Location: New Jersey 508.88 Dollars($)	Posted: Mon Feb 15, 2010 3:03 am    Post subject: Like 0 Dislike 0 You can apply for a deed in lieu of foreclosure and surrender the property to the lender. You won't be liable for paying the deficient balance to the lender but your credit score would get reduced by 250 points. However, this will remain as a negative item on your credit report for next 7 years.

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