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  1. #1
    Join Date
    Oct 2009
    Location
    az
    Posts
    1

    Default Vacant Land Repo

    My question involves a foreclosure in the State of: arizona .. i am upsidedown in a vacant land loan and wantins to know the financial and legal ramifications if i stop payments to the bank? property is valued about 40,000 less than i owe.. thanx in advance

  2. #2
    Join Date
    Apr 2007
    Location
    Southeastern Michigan
    Posts
    1,226

    Default Re: Lacant Land Repo

    You could speak with the bank and see if you can arrange a short sale on the property. Otherwise, if you stop making payments, it will go into foreclosure, ruin your credit, and leave you legally on the hook for the remaining balance after it's sold at auction.

    It could haunt you for a looooong time down the road.

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