Owner called, has not paid morg. in 4 1/2 months.

[Keith Belzner]

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?