William - I'm in the same place as well - 3 pieces of land that are virtually worthless. My MI personal banker helped me pick the right properties and designed the notes - encouraged me through the process. I was able to beg a 1 year extension of the loans earlier this year. MI has now told me they expect payment in full with the loans come due early next year. Up to this point we have a perfect payment record. MI doesn't care - at all. They won't return messages and give the constant runaround.
We finally were put in the position of having to file Chap 7. I told MI about a month ago that we're filing - gave them the name and number of our attorney. They call me 3 to 5 times every day. They called me 7 times yesterday (Sunday) afternoon and have already called this morning. It appears that they have the 'right' to call until the case is filed. My case will be filed sometime today or tomorrow. So this will either end or they'll get turned into Bankruptcy court.
It's really ashamed how they have acted during this ordeal. Very heartless, condescending and rude. All of my other creditors have been kind and easy to work with. I even had a 10 minute conversation with someone from Discover card after telling them of the Chapter 7. When MI calls and I tell them for the hundredth time that I'm filing Chap 7 and not to call back they say "So are you still living at . . ."
William - Wall Street and Washing broke the economy. MI Bank took $1.7 billion in bailout money - but you and I don't count. You need to walk away from the property - my real estate agent and several investors inside and outside of my family tell me that it might take 20 years for the dirt to come back to a break even value.
Unfortunately Sir, you need to seek the advise of a Bankruptcy attorney.
