What problems will i be facing in future if i foreclose my house?

Question

What problems will i be facing in future if i foreclose my house?

Answer 1

biggie is right but there is more to it than that. You may be sued for a balance if it sells for less than owed or they may send you a 1099 for the remaining balance that you must pay taxes on and it will be not less than 4 years as of this date before you can buy again and the foreclosure will report for 10 years on credit file. It will always kill your credit scores for a time  

Answer 2

Not being able to purchase a home for 3 - 5 years & destroying your credit if it is already not destroyed. You will definitely have to come up with a substantial down payment on your next home also.

Answer 3

Your credit score will drop to 550.  You won't be able to buy a new car that is advertised for Zero % Financing unless you pay 22% interest.