I sold a piece of land 5 years ago with 5 years interest only payments and a balloon that is due the end of this month. The buyer paid in good faith except for the past 2 mos. I am now concerned that if he files for bankruptcy, we may lose the property. Since this is a secured debt, do I have the option of keeping the land if he files for bankruptcy? Is there any way we can take back the property, other than foreclosure, which I've heard is very expensive? The buyer is interested in pursuing a 'deed in lieu of foreclosure'. I'm not a big bank...we want to keep the property for resale when the market picks up (this is our retirement nest egg). Any ideas or suggestions on how we can keep our property would be greatly appreciated.