We owe 150,000.00 more than our home is worth now. We are considering letting the mortgage company have the house back. Is there a way to contact the first and second mortgage holders and just give them the house back and they would not have to spend any money on the foreclosure process? We unfortunately bought this home in PHoenix in 2005 at almost the height of the market and our home had depreciated almost 50%. We are almost at retirement age and aren't sure what to do.

There are 2 mortgages? How would you be able to give them 1 house?

They would still have to spend money on the foreclosure process, and I assure you, they don't WANT the house.

Have you spoken to them? Are you behind on your mortgage? Can you prove hardship?

We need to talk to a lender that will consider bad credit, our home is in foreclosure, we can prove hardship but know one will help us because of the credit. We have a mortgage of 230,000 and owe 35,000 in credit cards. All we want is to save our home, we talked to a lawyer about bankruptcy and the payment went from 1545.00 to 2321.00 and that is before creditors have come in. they told us we have to keep the same payment we had, also we are in arrears and all that is added in. we don't make that much money, but too much to file a chapter 7 any one know of anything to do