Land payment is essentially a mortgage. You give them a security interest in real property (land) and they finance the purchase. Bankruptcy lawyers in a foreclosure situation will send letters stating that you are posted for foreclosure...there is time to stop the sale...etc etc. Basically this is an attempt to get you in the office to see about filing a ch 13 case to pay back what you are behind. There are about 20 lawyers who send out foreclosure letters, but the best letter is from Barry & Tabor.
The lot number is 41 in Fox hollow and 51 in the Vineyards. I believe Lot 41 has a little over $20,000 left on payments and lot 51 has around $40,000 or less (i'm not sure, i'll have to look at the records) lot 41 is in a culdesac and lot 51 is a couple lots from some lots Bob Lily (former Dallas Cowboy) invested in. I thought it was interesting that Bob Lily bought lots there. He has pictures with the builders. John Elway also bought some lots but in Colorado from the same company (which by the way is where the land developers are from). I would be willing to sell the lots to break even or if worse case scenario would just want someone to completley take over payments. I don't really care, I just don't want to make monthly payments or yearly taxes anymore. The tax shelter is great but I could do without it.
