Owner called, has not paid morg. in 4 1/2 months.
Hi BP,
Received a call just now and need some insight.
Owner has not paid in 4 1/2 months. renter stopped paying rent. He received a letter from bank that he has 50 days to respond. Feb 12 served a letter of default.
He owes 213k recent sales comps are 190 - 200k (i have not seen the house and he has not been there for a few months now, so condition is unkown).
Mortgage payment is 1800. rent was 1800. He was breaking even/ losing . He is ready to walk away from the property.
Thoughts, suggestions, advice?