Should I let my investment property foreclose?
right now, I own what is consider an investment property (cause it is vacant) in AL. It has been on the market for 13 mths, and hasnt sold. I have dropped the price $15k. with the current market right now, should I let this property foreclose. I believe since there are so many people foreclosing, they are gonna have to do something to fix the credit. The mortgage is a 80/20 and which the 80 is Adj. rate and I cant refinance unless i pay off the 20 portion. So I dont wont to pay of the 20 portion, so instead i lower the price $15k to cover the 20 portion, in hopes to get it sold. My husband is without a job right now, the we could really use this money.
Maybe you could try renting the property to help make the payment.
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