investment property (vacant land) questionI own a piece of land in Charlotte County, FL which I purchased in 2004 for $210K. I secured an interest only loan with BoA for $199,500 and have made payments on it ever since. the value of the property has steadily declined and at present is worth somewhere between $55-$65 based on lot prices in the area. I am very stretched financially with other loans and in the past 12 month it was tough making payments having to borrow funds from a HELOC for some of them. After an in-depth discussion with my accountant, I was convinced that it just didn't make sense to keep paying on the loan so as of last month, I have stopped. I've contacted a couple of real estate agent to discuss and it sounds like a short sale is going to be one of my only options. The calls from BoA have started and one of my questions is, should I contact them (BoA) to discuss my plan? I did write them about a year ago stating that it was getting tough to meet my obligation but that went nowhere. If the bank does go along with a short sale is it likely that they will pursue a deficiency judgment? will I know this before signing any papers if the property sells? obviously if they do seek the deficiency, it will be in excess of $140K. does the fact that I've paid in excess of $70K in interest to date make any sort of difference to BoA? It's not a particularly proud period of my life and in a lot of ways I feel immense guilt for getting into this mess and as much as I tried to do it the right way, continuing to fall backwards trying to make payments no longer makes sense even though it took awhile to sink in. any help/advise will be greatly appreciated.December 12 2011 - Port Charlotte00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.