Debating foreclosure on a past rental property
Hi
I'm trying to determine if the bank can claim unpaid debt on a foreclosure and the best advice on my unique situation. I attempted to sell my primary residence in 2008 after a relo. The house didn't sell andafter 8 months on the market I decided to rent it. It's been rental up until 2015 when I my job decided to move be back to the area. However, the house is now worn to the point wear major maintenance is required. More importantly, the house still isn't worth the purchase price. Its up side down. My faniancial situation is good. Does that prohibit me from foreclosing without the bank seeking unpaid debt? What about a short sell? I'm ok with renting while my credit is being repaired. I just want to get from under this money trap. It's been years of dumping money into this place in hope for a market turn around. If short sell is the best option do I need to be llate on payments for this to be put in motion? Do I continue to make payments when short selling? Do I pay the real estate fee when short selling? Does deed in lieu fair better than other options?