Compelled to Sell Land for Road Improvements

[Tennis]

My question involves real estate located in the State of: Florida

I am a co-owner of investment land. The county is forcing us to sell the land for road improvements. They are offering about 15% of what we bought the land for.

The problem is not that we are losing our land for a significant loss, it is that I have a mortgage on the land. With this offer, I still owe the bank about $20,000.

I have tried to negotiate with the bank and also asked the county to increase they offer to satisfy my mortgage. Unfortunately, I have hit a dead end with both.

What else can I do? Thanks!

[Mr. Knowitall]

If we're talking eminent domain and you're not being offered market value for the land - and are in fact being offered a small fraction of market value - consult a real estate lawyer.

If the issue is that your land is worth 15% of what it was worth at the time you bought it, I'm sorry to hear that your investment went south.