How much did you pay for your 2005 and what are you asking. Here in NY I am finding a lot of people expect to make a 100,000 profit on homes they bought in 2005 which was the height of the market. What does your realtor say about the list price. How long has it been on the market.
Just to clarify are you in Waxhaw, NC? As far as the foreclosure the if you take out a new loan and then default they will most likely try to come after you. Of course the big determining factor will be how much they get for the home when they sell it and the balance of the notes. Have you had a recent CMA done by your realtor? Is your home priced aggressively in order for it to sell? Whatever you CMA comes out to you need to be priced under that in order to sell. As far as them garnishing your wages or attaching a lien againest another home that would be up the court and the difference between what they get when they sell you home and what you owed on it. If it is not alot they may write it off. Then you would get a 1099 form and have to declare that as income. I would definitely speak with your realtor and try to get the home sold first though.
Coldwell Banker Triad