We have a secured loan (undeveloped property) that we can longer keep. We've had this loan for almost 8 years.
My wife is going to start college and we just can't do both. I was just wondering what the best way that we should go about this. We've contacted the property company and have been honest with them about the situation and they are willing to work with us however our priorities have changed and we've decided no matter what we're not keeping it.
If it does go to court I am going to go and be honest about it and hope for the best I was just trying to get some advice on what my best route is to go.
I'm not sure if they would even come after us or just call it a loss and resell it for way more than we owe it on it anyway.
Thanks in advance for any help that you can offer.