Question: Owner Underwater on Property Tied to Primary Residence

[Derrick Strope]

Received a contact today from my mailing campaign, the gentleman is a motivated seller however there appears to be a significant problem after speaking with him. The property was purchased and is owned free and clear, sort of. The gentleman purchased this property using a second on his primary residence which he currently owes 250k on. He demolished the home planning to redevelop the land but he is now underwater as the land is currently valued at about 90k. Not really interested in making money off this as it would just feel good to help this guy out. From my point of view there don't seem like there are any options, so I am asking the BP family for some thoughts. Thanks!

[Carolina E.]

@Derrick Strope so he isn't too bad off if the property is worth more than what is owed.  I guess he would probably have to sell the land at a loss compared to what he paid for it.