The truth is foreclosure is always an option. You simply walk away from your house. I don't recommend it and cannot give you advice about the legal and financial implications you'd encounter from foreclosing. What I can tell you is that there are options out there that can allow you to short sell, offer the bank the deed in lieu of foreclosure, modify your loan (get a possible principal reduction, reduction interest rate), or sell and bring money to the table to make up the difference in what you owe and what you sell for.
If you want a consultation, I'm happy to meet with you and discuss your options. I can also refer you to two excellent attorneys and a tax professional to have your legal and financial questions answered.
Let me know.
Harold Sharpe - Broker
So Cal Homes Realty
California Department of Real Estate Broker License # 01312992
-Your initial purchase price?
-Your current loan balance?
-How many loans on the property?
-Your approximate current property value?
-Is this you primary residence?
Please feel free to contact me and we can discuss your options.
Broker Associate, Paragon Real Estate Group CA DRE 01844627
All data from sources deemed reliable but subject to errors and omissions, and not warranted.
There are consequences for any of these options Mondamo, so verify all information with only reputable/knowledgeable/ and qualified professionals.
Best of luck,
Feel free to call me at 415-200-7202.