Contract for Deed Default

[ipllc]

What is the name of your state (only U.S. law)? MN

We purchased property with a 90% bank financing and 10% contract for deed. The loans are upside down and toxic. Looking to gracefully exit as best as possible. What are the options for legal actions against us from both the bank and the contract for deed sellers? Can the contract for deed sue even as the property is worth less than the selling price/financed amount?

[nextwife]

Why would you think that the current value of something purchased has any bearing on the creditors ability to sue for recovery of the money you asked them to lend you? Many purchases are worth less than the amount borrowed before the bill even arrives.

Real estate was never intended to be a short term purchase. Over the long term, it will likely again be worth whatever you paid and more.