We have some family friends that own about 50 of them and have been in the business for over 40 years.If you were in a subdivision with an HOA they would absolutely fight this as it would hurt there values and look and feel of the neighborhood and is probably already outlined in their CC and R's.Typically here we call these lots "pipe farms".You might have 40 homes built and another 60 empty lots from the market crash.Now the builders won't buy the lots even if free because they can't build and sell a new house for what a bank is selling a 2 year old foreclosure for.Also even if you want to do septic on a lot they might require you to connect sewer at the street which can get expensive.Some lots here have a bunch of rock in the soil and would require extensive excavation and costs to put a home on it.During the boom times the developers thought every lot would sell no matter what.Some lots here are for sale for 2,000 but have property taxes of 150 a month and HOA of 175 a month.So 325 a month carrying cost which is 3,900 annually.In the boom times these lots sold for 18,000.So if the market recovered some in 3 years to say 14,000 for the lot.It would look like this before resale costs with commissions and closing.3,900 times 3 equals 11,700 plus 2,000 original purchase is 13,700.With resale costs I would lose on this deal.So I don't buy these even if free because of the holding costs.Sometimes the neighbor will want the land and other times they don't want to pay taxes on it.I sold a lot for a seller in a lake community but did not have a lake view.he sold it for next to nothing about 1,500 just to get rid of the HOA 95 a month fee and property taxes on it.The buyer bought it because it came with an almost free golf membership for the community and was a big yearly value if you played a bunch of golf up there.As far as lots in cities on old streets we have these in Atlanta.If I was rehabbing the house next door I might buy for a larger lot as a selling feature.If not the house has been torn down on the empty lot but the city still has taxes of thousands a year on it.You can file an appeal but they are backed up for 6 months to 1 year before rendering a decision.So I am saying you can make money with lots but there are tons of landmines.I prefer cash flowing properties I can turn around much more.Now commercial lots is a whole other ball game.

My current personal monthly liabilities for house, HELOC, and vehicle and one 0% interest CC are $1425 month, which it looks like it comes out to about 40% DTI. 

If I'm purchasing a single family that's currently with a 1-year lease (tenant paying 745/mth) and the sales price is 20k ( but at closing, I'm buying for 25k after CC and other fees).

if you have 900 dollars on a CC, pay it off. carrying a balance on CCs far outweighs most investment mechanisms (ie if you have 1000 dollars on a cc paying 14% interest and 1000 dollars in a cd making 6% interest, how much are you making?

Although it sounds like a great deal, sometimes it's better to walk away from one, especially if you feel like "it's the only one out there".My advice would be to establish yourself, get rid of the "new" car and whack the CC debt.

I don't recommend being 51k in student loan debt and 6k in cc's and plan to take on more risk by owning properties.

If so I know the Bronx has areas, but not sure you'd want to sacrifice location by living in a C/C+ area... 

I have LOC's personally but those are local commercial banks with deep roots in the community and a very long term relationship with.. national lenders you never know you can make an app and the computer spits out an approval.if you go down the CC route just be careful.. and make sure you pay them off once you get into credit card debt its tough to get out. 

Cc: your attorney at the bottom of the letter.

File a Charge back with your CC company.