Buy and Sell Fixer Uppers

Deland 3BR 2.5BA, Listing information courtesy of STRATFORD

44. ZONED COMMERCIAL FIXER-UPPER WITH HARDWOOD FLOORS BEAUTIFUL FIREPLACE LARGE BEDROOMS AND BASEMENT

Price: $ 285,000

Location
519 W NEW YORK AVE
, USA

in Custer -

Estate Sale. Commercial fixer bldg. approx.(2,400) s/f. Has been rented for storage and Motorcycle

Price: $ 135,000

Location
7628 Portal Way
98240 Custer, USA

Which route should we take…First I need to lay out what happened.
My husband and I met in 1999. He owned a rental unit that had 4 apartments and two commercial units in it. We built a home in 2002 and were financially sound. In 2005 we decided to buy a fixer upper,sell the first house and use the profit to pay down the 2nd home. Sell the apartment building to also pay down the loan, maybe even pay it off. Then the economy tanked right after we did all of that.

We spent three years trying to sell the first home wracking up debt to keep it out of foreclosure, which ultimately happened. Sold a $260 thousand dollar home for 186K. To prevent the foreclosure. During that time my husband developed a rare form of cancer…3 years out and beating it …so things were on hold. After he got the all clear, ous son was killed in an accident. These two events put us farther behind due to lost wages etc… We have been battling debt collectors being hauled to court and having wages garnished. We just sold the apartment building to help get caught up so we could afford to stay in our home. We found out the day before we closed, the bank was keeping the remaining cash that we would have gotten, due to an “oversight”. so we got nothing. Finally, here is my question.
My husband just turned 60, I am 47. We live in Wisconsin. The last piece of property we own is this home. It is appraised at 200K, we owe 192K. The fair market value is maybe 150K, maybe. We are thinking that we would be better off letting the bank foreclose so we can dig out of debt. It does not appear that we will be able to ever pay it off now. Our once good credit is ruined, so that is not what we are worrying about now. We feel renting is the best idea for us at this time. We don’t know what to do….
Please advise or tell me who to turn to. Please don’t lecture though, I just need some sound advise.

Thank you!