We Have an Investment Property That We Are Behind on Payments. the Property is Vacant and in Very Bad Conditi?

You are in a bad situation.
What are the terms of the agreement in case of default.
What is the penalty you may have to pay for the default period.
well would suggest that you somehow repay the arrears of payment to secure your rights to the property however bad it may be.
In which part of the country you have this property. That is important as one has to value the same.
Though the property is vacant and in bad condition do ensure that there are no trespassers.
Unused and vacant properties do attract trespassers for which pl stand guarded otherwise to remove the litigants would be too costly and time consuming.
Do revert back if you can submit necessary additional details as are necessary.

Suggestion:

And whose "job" is it to see that it is occupied and in good condition? I believe that would be YOU?

Your life will fall COMPLETELY apart if you allow this to go into default….

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