Kristina,

Before you do that look into a short sell.  It isn't as hard on your credit.  You get a low ball appraisal  on the house and skip a couple of payments.  Sell the house at the appraisal price and the bank takes the hit on the difference of the sell and your amount of the loan still owed.  I know you can do this, my neighbor who is in finance is moving out of state and his house loan is $225000.  because our neighborhood had a few foreclosure's in it the value of his house is now $178000.  that is what he sold for and the bank is taking the short sell rather than loose the whole of the $225000 loan. 

You may want to call a Realtor and check into that option.

Beth Vandeborne

--- On Wed, 4/23/08, Kristina <infiinitegoddess@...> wrote:

From: Kristina <infiinitegoddess@...>
Subject: [Narcolepsy-Chat] Foreclosed / Walked Away from Home????
To: Narcolepsy-Chat@yahoogroups.com
Date: Wednesday, April 23, 2008, 10:05 PM

I am looking to hear from people that have had a Foreclosure on their
home OR have already walked away from it (for what ever reason).

My hubby and I are in the Walk-Away Process due to our neighborhood has
become 27/7 Crime,Gangs, Shoot-Outs, Drug Deals. Now we have been told
that it will hurt the credit for 3-4 years but nobody seems to know if
at a LEGAL point can the Mortgage Co./Bank come after you even if years
down the road and [Make You Pay What You Owed on The Home]???

Please help us out, I need some feedback here. What if we bought a home
and then let the current one go back to the bank (Foreclosure)
Can they come and say well then we are taking the new home you now live
in? Any Info will be much appreciated. Please e-mail me and tell me
what city you had the home in. We live in Flint. My life is being
threatend being here. Thanks.

Kristina-