[landloss]

What is it called if you turn a land loan back to the bank? ( i.e repo)
How bad will this affect our credit?
The land loan was secured by another piece of land as collateral, will this lessen the impact on my credit as I know I will loose this piece also?

Collateral land is worth maybe $ 45-50k with $ 6k owed on it.
Loan on two properties $ 126k.

Thank you.

[Fr_Chuck]

Bad, it is still a foreclosure unless you made written arrangements with the bank to turn it in instead of foreclosure.

So what will it sell for, is the value of the land that, is that current values, land is going for about 1/2 of what it used to. There was a house right down the road, 2 years ago it sold for @ 300,000, today the man had to let it go for about 150,000 or lose it to the bank.