Dip In Real Estate Market Results In Lost Value
REM #A725
By Ilyce R. Glink
Summary: A reader bought a vacant lot in hopes of flipping it. During the recent market downturn, the land has lost its value. Ilyce advises to keep making the payment to avoid credit problems.
Q: How do we deal with vacant land that was supposed to flip, has lost value
and continue to make payments on?
I'm sure many people are grappling with this problem.
A: All you can do is keep making your payments in order not to damage your credit. While that seems tough, perhaps this down cycle in local real estate won't last through next year and the value of your land will bounce back.
NOTE: This column is distributed by Real Estate Matters Syndicate, PO Box 366, Glencoe, Illinois, 60022. This column may not be resold, reprinted, resyndicated or redistributed without written permission from the publisher.
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