Looking for Advice on Prime San Diego Land

[Rod Steel]

I have a 6 1/2 acre property in San Diego for sale worth $300,000.00.  I owe $125.000.00,  I am paying $2.400.00.00 a month for 4 more years.  I have run out of money; and am worried about making payments on time.  I need advice.

[Andrew Johnson]

I'm a little lost in how you're paying $2,400/month when you owe $125K.  

$2,400 * 12 month * 4 years = $115K

So you pay $115K to retire $125K worth of debt?  Sounds like a negative interest rate.  Maybe I'm missing a few things, but that's (for me) confusing part #1.  

Confusing part #2 is along @Cody L.'s lines as to why you haven't refinanced into something more attractive.  There must be a reason.  

My bottom line recommendation is to sell.  If it's worth $300K and you've run out of money, get out and take your profit.  I think most people would agree that it's extremely expensive (and time consuming) to develop raw land in San Diego.  If you're out of money now you don't really have a way to build on it.  But that's a really simple recommendation.  Maybe there are others that will recommend seeking out joint ventures, etc.  If I were in your shoes and out of money, I'd take my $300K - 6% selling expenses = $282K- $125K = $157K and put that in your pocket.  Maybe you have to sell for a 10% discount because time is a factor, you'll still end up ahead.  Paying the taxes won't be fun but it's better than being out of money, foreclosure, or most other options.