I'm 6 months behind on my mortgage. How much longer can I keep it this way till I can no longer short sell?
When can it be considered foreclosed?
Can I just surrender the keys to the bank lender?
Also regarding the short sale:
if i am to notify my renter, when do I have to do it: at the start of the short sale advertisement which might end up scaring him off, leave, and stop paying the rent and utilities, or until a buyer has expressed interest since it might take a while for the bank to approve the short sale. The renter is not interested in buying the house.
Also, please take note that I don't care about ruining my credit as a result of this short sale or foreclosure. I just need to get out of it but it is no longer a wise investment as it has lost more than half of its original value.
Read more: I'm 6 months behind on my mortgage. How much longer can I keep it this way till I can no longer short sell?
