Vacant land has little value in Metro Detroit

With lending for construction almost non-existent greenfields that can be developed for single family residential have become virtually worthless.   The only reasonable approach would be to hold the land until lending practices ease or values increase dramatically.  That may be a possibility if you hold a single lot with a modest mortgage, but is challenging or impossible when you own hundreds of lots.  In those instances where you can't hold the property and service the loan, perhaps a loan modification is your best bet even if it is just to extend the term of the original loan - "pretend and extend" is not an uncommon practice for lenders - pretend the value is there and extend the term for repayment.  Although the loan may be inadequately secured, as long as the mortgagor continues to make payment, both parties have avoided having a loan slip into default.