what to do in AZ.

[wlang]

i have a meeting with a lawyer on Monday but here is what i have. I owe 340k which i refinanced to get that not a second mortgage but a refinance so i have only one loan, the house is worth 226k per zillow, according to everyone i talk to 12-15 years just to break even. we moved into this house and was suppose to be 5 year house, which it has been. reason to leave is move to the school district our kids go to school. we can make the payment now but at this rate are kids will graduate high school by the time we break even. in a foreclosure are all assets protected like vehicles, etc? What would you do?

[azhardspot]

in AZ the lender cannot sue you for the deficiency if you live on 2.5acres or less and your home is a single family dweling
CONFIRM THIS WITH YOUR LAWYER

the only thing you will loose if your home & your credit score
plus there will be a public record filed in your name for foreclosure
collection agencoes might harras - but again the law protects you from a deficiency judgement

[briknope]

Correct and I 2nd that. No deficiency judgement. May I furthur stress to get the foreclosure over and done with before that law ever changes, meaning keep paying on it and thinking it will jump up in value any day. Thats highly unlikely. The 10 year or 15 year idea is probably more realistic. I'm in AZ and I remember hearing people talk every day about how one must hurry out to get a house because the prices keep going up up up! OH how much money they have made also! Now all you hear is WHEN the value goes up (they never say "IF")

In addition the tax forgiveness will not last forever either.

To sum it up either stay there for a LONG time or short sell 5 years from now when the laws may not protect you the way they do now.