I now owe $36,000 more on my mortgage than my house is worth and am 2 years behind in my property taxes. If I decide to walk away and forclose, will I have to pay back that $36,000 difference and what about the Michigan property taxes? Will I have to pay those too or does HUD absorb them? Can I restructure my arm mortgage to a 30 yr fixed rate and will they help me catch up my taxes without refinancing?

UInder the stimulus packages, there may be some protection for you to refinance or walk away. I would contact your local congressman's office for details on what protections you may have.

The rules are changing so you need to check what the current laws are. This site may help further:

http://www.economicstimuluspackageindetail.com/?gclid=CKi4sNehlJkCFQw9GgodynLQaA

UInder the stimulus packages, there may be some protection for you to refinance or walk away. I would contact your local congressman's office for details on what protections you may have.

The rules are changing so you need to check what the current laws are. This site may help further:

Economic Stimulus Package In Detail (http://www.economicstimuluspackageindetail.com/?gclid=CKi4sNehlJkCFQw9GgodynLQaA)

ScottGem,
Thanks for your advice. I will check out the website you recommended.