My husband lost his job last year, could not find a job, went on soc sec and his health is not good. It's difficult to maintain and keep up repairs on the house by myself and can't afford to pay for the help. It's also difficult to keep paying the mortgage. I work full time but still not enough income. The house is bigger than we need or want (bought it when kids were younger). The value of the house went down and now we owe more than it's worth plus an equity loan. If we give back to bank or foreclose will we have to pay the difference of what is owed and what it sells for? We live in Arizona

Quote:

---

Originally Posted by sedens

If we give back to bank or foreclose will we have to pay the difference of what is owed and what it sells for? We live in Arizona

---

Hello s:

There's no giving. The bank doesn't want it. Oh, they'll take it and foreclose on you, and YES, you'll owe the difference. But, I'd stay there as long as I could. I wouldn't just offer it up to the bank when I was current on the loan and move. You're going to get sued anyway. You're credit is going to be ruined anyway. So, why not stay where you are for as long as you can, hopefully saving enough cash so you can get started again.

excon