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.

I have a loan on a home for $450,000 in Georgia. The second loan is for close to $200,000 (2 banks). The first loan has been approved by BOA for short sale, the second loan however was with a bank that has ‘failed’ and was acquired by the FDIC that then was sold to 3rd party. This 3rd party is asking for $30K cash, and $70k notes payable over 7 years. They have a lien against my only business asset & are claiming if the house goes into foreclosure they can/will come after me for repayment of the remaining 2nd loan. I need to know how to get them to lower the second loan amount, or what my options are as I can’t afford another 70k for 7 years! Please help & advise.

We found a house that was an approved short sale @79,000 the bank had approved this amount but the buyers financing fell thru and it took them 2 weeks to get an approval from the bank, we were exited because we really like this house and it would be such a quick process…it has been almost 4 months now, latest was that they had sent out an appraiser and are waiting on that, why do they need to send out an appraiser if it has been approved already? The listing agent tells us she is 100% certain that we will get an approval any day now. What should we expect now?

1. Official record: 1bedroom/ 0.75 bath (shower+toilet), the back patio has been converted to a bonus room and used as a second bedroom (small).
2. 720 sq ft indoor, 2040 lot sz. Built in 1915, very well maintened. Previous owner did put a lot of interior upgrades with new appliances and new paint. It’s in move-in condition.
3. It’s a Bank-owned REO property. The previous owner’s unpaid mortgage balance to the bank was $359K. Listing price now is $380K. The comps in the area is about $425K to 475K.
4. Located in a very good neighborhood in Los Angeles. Close to freeway and shopping. School district is just ok, not excellent.
5. Officially, only one parking space available (not a covered garage). Street parking is not a problem.
6. Just listed in the market for 7 days.
7. Buyer would like to pay 20% down, and the credit is excellent.

How much do you think this house is worth?

Both of my parents have not contributed anything to my college living expenses. I lived with them through two years of community college and am at my second year at a university, living out on my own. My dad makes a good ammount of money, so the ‘expected family contribution’ would be more than enough to pay for my education and living. All I recieve from my parents is health insurance and car insurance. All the government offers me is unsubsidized loans.

I have scraped together money saved from working in highschool, internships during college, and some very decent scholarships. I work during the school year, which complicates the already high difficulty of engineering school. I have taken out loans, but find myself needing more money to survive, even in my relatively low standard of living (I’m eating canned corn as I write this at a desk I found on the side of the road).

How do I convince my parents to give me some of the money that they are saving by having me as a ‘dependant’ on their taxes?

I’ve worked so hard and am so close to the end, I don’t want to drop out of school just because I can’t afford it. My loans would come due, and that would kill me. My little brother isn’t even able to go to school because they won’t finance his education either.

My parents live in a million dollar custom home on prime real estate in the foothills, and were stupid enough to invest hundreds of thousands in real estate they planned to ‘flip’ back when that was the cool thing to invest in. Aparently deadbeat investments are worth more than their children.

What is worse is that my scholarship money is disbursed to my mother’s account by the university. Last time she claimed that I couldn’t get it because ‘she had to make the house payment’, and threatened not to write me the check if I forgot to buy her cigarettes on my way to their house (ITS MY MONEY DAMNIT).

Do I talk to the financial aid office? I heard they can’t help me. Do I try to override dependant status?