Selling a lot before foreclosure

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I bought a waterfront lot few years ago for $425,000. I owe $200,000. It was a 5 year note which is due in February 2013. The value has dropped since I purchased it and it's now worth about $275,000-300,000. I'm not terribly upset about the value dropping because I did a 1031 exchange during the purchase and the basis is $125,000 from a lot purchased 10 years ago.

Now to the present. The note is due in February 2013. The lender is TD Bank. It is extremely difficult right now to get loans on vacant lots. I have talked with TD bank and they will not do a new loan on the property. When I inquired what will happen in February they would not get specific.

My plans are as follows. I want to sell the lot because the market has stabilized and sales are occurring, but the marketing period is longer than desired. I also want to refinance so I can have time to market the property. I also know that if you list the property for sale, it is more difficult to refinance it because lenders don't like to loan money on a property if it will be sold a few months later and if it has been recently listed that is a red flag.

There is plenty of information and assistance available for mortgages on primary residences, but for investment property there is none. Any suggestions are appreciated, especially regarding dealing with the current lender TD Bank. Ideally I would like an additional year to sell the property. I have considered consulting an attorney to find out how I can possibly play hardball if they attempt to foreclose.