Yo Yo Property

Missouri - We have a loan to a property (single mobile home + 5 acres) 300 miles away from us that we owner financed to people we didn't know anything about. For 5 months they default taxes & insurance (reasons to forclose) so they deed the property back to us. All was recorded, but we did not "release the Title". Is there any advantage on holding the release? What happen if someone else wants to buy the place?
Inspecting the place after they left, we found the place is so trashed that it is unliveable. Broken pipes, falling celing, siding out, and plain filfiness in carpets., besides they took appliances that were in the place when they moved in.
If the place now is not worth what we own the bank, won't we be waisting money trying to get them to court?

[FarmerJ]

If you think it could be a waste of money likely it just may be that , Do make sure though the title to property is restored and clean to you , Since the property has a water and septic system and electricity . it still may have enough value to recoup the loss of the home and sell it to break even to some one who will get a loan and pay you off in one lump sum , sorry to have heard that the contract for deed you did turned out so badly ,