Some items, like the A.Y.C.E. buffet at the Palms, offer great value, while others may not align with everyone's preferences.

If it helps, it is 15 mins from where the new Chula Vista Bayfront project will be ('they' say it will raise home values). 

15yr Fixed equity loan base rate could be as low as 10.25% at 100% loan to value, with a base APR as low as 10.25%.

I don't know which city you're thinking about buying in, but if it is a growing and appreciating market it's worth keeping in mind that home-values/rents will most likely go up over time.

The neighborhood (average in appeal) is poised to increase in value as it's in hurricane effected area.

Loan to value ratio: The higher the loan to value ratio (LTV) is, pricing takes a hit.

If the class of neighborhood is C or D, this will be more difficult/ In terms of getting better bang for your buck, usually the strategy would be to buy a little beatdown home in a nice neighborhood, as this tends to get you a higher value once you put a bit of work in.

What is the new appraised value and how much do you owe on the property?

First of all, I'd think they would just take the property back so long as the value was equal to or greater than the loan amount.. 

My recommendation is to focus on Stick-Built, Brick & Mortar property versus Mobile/Manufactured, main reasons; 1) Investor appetite, 2) Appreciation factor, 3) Re-sell value, 4) Future buyer/investor appetite.