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I have an investment property (land loan) that is an interest only loan. MANY of the other lots and homes around it have already gone through foreclosure so the value of the property has literally been cut in half. I was laid off and have finally secured a new job but my new income is less than half of what I was making before. The bank won't work with us to restructure or [url=http://www.mortgagefit.com/refinance.html]refinance[/url] it. We have been exhausting all options over the past 1-2 years. It is just draining our savings. My concern is we have excellent credit scores 780s and better. We have never been late on any bills and are teffified of what it will do to our credit. Does investment property (land) foreclosure affect credit the same as a home? We wouldn't mind foreclosure but there are SO many lots that are for sale around it that are twice the size or bigger than ours for half the price. We have had it listed for over a year at the lowest price in the subdivision and still no bites. Financially we are at the point of just cutting our losses. The interest only loan that we have is about to balloon next year. So the outlook is not to bright. Any advice?

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