Is it best to let go of a property you own?

[Jorge Ramos]

I have complete power of attorney on his behalf so I can basically make any financial decisions for him. His property owes probably over 200k in late fees and regular payments. 

He already received a 30 day notice. Is there any way to turn this around? Since i'm just getting started in real estate, I see this property and its so hard for me to think that there is no other option.

[Nathan Gesner]

Originally posted by @Jorge Ramos:

But my question is: would it actually be worth it? is there any hope for a house thats over 200k in debt? I think I might be shooting myself in the foot if I do that. Not really sure what to do and time is slowly running out.

That's a question for you to answer. Do you have the funds available to get caught up? If you get caught up, is the home worth it?

If I could take control of the home, pay the debt, and then sell the home for a good return, then it would be worth it. If the home is only worth $250,000 then I wouldn't bother trying. If it's worth $400,000, then I would definitely try. You have to evaluate the cost versus the benefit and decide whether it's worth trying.