[JMPRO]

I loaned money on a second trust deed on a house in Boise. The appraisal looked good and the house would only be funded to about 80%of its value. The guy left town and let the house go back to the bank. In order to protect my 2nd I bought the first from the bank to prevent it from going to auction. Now I find out the house was way overvalued on the appraisal and the house isn't fit for pigs to live in. If I sell it in the condition its in I will be lucky to even sell it and will certainly loose money. If I put about 30g in it to make it presentable I will still loose money, just not as much. My thinking is to just dump it and take my bumps and my wife thinks we should fix it up and try for a smaller loss of coarse it was her decision to loan the money in the first place so she feels responsible for the mess. I have looked into suing the appraiser but it looks like that won't be easy and may cost as much as I have lost . My vote is " Your first loss is your best loss" and don't throw good money after bad. Sell it to the next dufas that comes along and be done with it.
Your thoughts?
JMPRO