I'm no expert, but thinking logically, you are almost better off finding a developer, and jointly developing the land (assuming that's viable) - i.e. you put up the land and he does the work. You should be able to make enough from the proceeds to cover your debt, and maybe even earn a wee bit of profit. Of course, that depends on the area, the market, etc, etc, etc... And, of course, you have to live somewhere while this happens.
If this was 1981, you'd just stop making mortgage payments and walk away...
|