Need advice

[Edward Oliver]

First of all this site is awesome.  Here's the deal, I own a home in Detroit that I owe $40000 and I'm guessing it may be worth around $20000 give or take.  Similar homes in the area are selling between $30000-$42000.  I moved out and came to CA a few years ago and kind of let it go and now it's with the land bank of Detroit with a default judgement pending for being vacant and a nucience.  It is boarded up, I've never missed a payment on it (18 yrs), it is still in good standing with the lender, and I have acquired really good credit over the past couple of years.  That is the main motivation for me to get this property together.  I've contacted the land bank and they have agreed to set aside the judgement and allowed me to enter into an agreement to renovate the home and get it occupied in a reasonable time.  There is no option of me letting the home go to the city.  It's not in too bad a shape, but does need some work.  I am prepared to get this done as soon as possibles. Can anyone give me some advice in the best way I should approach this both financially, legally and timely. 

Thanks so much,

Ed 

[Patrick Liska]

wow, values must have really depreciated there for you to owe double what the current value of the property is even with you always paying everything. so you are willing to sink in more money to put you way above what the value of the house is ? so you could lose $30 - $40,000 above the value by doing the work and holding costs during that time, or lose $20 - $30,000 selling it to an investor for $10-$20,000. how much more are you willing to lose on the property just to hold it ? sell it to an investor and cut your losses.