My husband and I are trying to decide if foreclosure is an option for us. The home is in my name only so shouldn't effect his credit. I'm currently out of work and we are having a hard time making our house payments. He is already working 60 plus hours a week so there is no room for anymore overtime. I'm trying to find work with no luck. We have a new baby and lots of medical bills since she was born.
We have talked some about foreclosure, but are undecided. Our home like most is valued now at much less then what we owe. We tried to refinance a few months ago with no luck. The house is in my name only as I purchased the home before we were married.
My questions are: (We live in Georgia)
If the bank auctions the home for less then what I owe will I be charge the difference? Will I be taxed on the difference?
Should I get a lawyer? Does anyone have any to recommend in Georgia that are low cost?
Feel free to give advice on other things I should expect to happen if we foreclose.
Thanks in advance for your help.