Should I default on a bad investment?
I bought a triplex in 2007 financed by now defunct Countrywide. They required no inspection, etc. I rented the property for approximately a year before discovering issues with the foundation. The property is slowly falling down a hill. It's been empty since then and I now live 5 hours away. I owe $106K and the property is probably worth $35K. Repairs were going to be $60-$75K. I'm paying $1200/mo mortgage and have paid $132K over the last 10 years. I need out from under this place!
Should I just stop making payments and let the bank foreclose?