Give this property away?

[Larry Flanagan]

A contract buyer of mine passed away a few weeks ago owing about $50,000 on his land contract. If i foreclosed and resold the property for cash today I would maybe net $5,000 to $10,000 in its current condition. I paid about $12,000 for the property around 5 years ago. I have considered signing over my interest in it to him/his estate/his family so as to not have to fuss with foreclosure. Would I get a tax write off for the $50,000 outstanding? Any other ideas?