What to say to the bank when the start calling??

[Esme56]

Hi Everyone,

I'm wondering if any of you have advice of what to say to the bank when I stop making payments.

I am basically a non-hardship case, but my condo is far underwater that I've made the choice that the best thing for me to do is to walk away. Do any of you have advice as far as what to say when the bank calls? Do I need to stay in contact with them? Is there a way to make sure they do NOT call at work?

Also, I've heard of "jingle mail". Does it speed up the foreclosure process to simply mail in the keys?

Thank you for any advice.

[The Professor]

Lenders control the timetable for foreclosures. Given that they are currently overwhelmed, I wouldn't expect prompt reaction. Have you made a decision to vacate the condo early? Why not just stick around, paying only the homeowners association dues (you remain personally liable for them until the foreclosure is complete)? It would be in your best economic benefit to remain and not move and pay rent somewhere else during the foreclosure period. "Cash for keys" is a post-foreclosure sale remedy lenders use rather than incurring the expenses associated with an eviction. They will pay you to leave, conditioning payment on you leaving the place clean and undamaged.

Daniel