There are alot of variables in your question so it is hard to answer. Sounds like they how about 590k according to your post. Hard to say if the bank will take a short. Banks have been pretty cruddy about accepting shorts. However if the bank doesn’t take it then they will eventually foreclose. However generally it takes at least 3 missed payments before the lender starts to act. Also I find that lenders will not even look at short sale offers unless the home has been listed for at least 3 months. So.. it looks like you have some time, but make no mistake, eventually you will be needed to move.
