I am upside down 100k on the house, if i foreclose my home what happens? what are my options?

Question

Live in So CA, and work needs me to 8 hours up north.

Is foreclosure my only option?

Is the house the only thing i lose and ruin my credit if i foreclose on the house?

I took money from the house to buy stuff when it was valued higher,

I have a piece of land i bought using money from the house, can i keep this? or anything else i used money from the house ie cars.

I have about 3 months until i have to move, should i just stop paying for the house, or is there any reason to keep payments current? I havent had any late payments.

Answer 1

I hope the government doesn't do anything to help people like you that squandered the money in your house.  Anyone that took money out of their house should NOT qualify for help.  You will owe the bank $100K.  They probably know that you took the money out to buy things and will NOT let you do a short sale.

Answer 2

Call 1-888-995-HOPE, they have counselors that can help you free of charge.

To answer some of your questions.  Anything you bought using equity is yours to keep.  The deficiency balance has little to do with foreclosure, just means after they foreclose you still owe money.  It also means that refinancing and short sales are probably not an option.  Foreclosure is about not making your monthly payments.  Foreclosure can always be cured as long as you're in the house, it just takes the ability to negotiate with the bank.  If you can pay a consistent monthly payment, even if it's less then what you've been paying, you might be able to get out of this.

Call that number right now!!