[Anna]

I know that the bank that is in charge of the loan (for us it's GMAC) is insured against foreclosure...but does this mean anything for us? I'm worried that IF we do foreclose and the house sells for less than we owe that we will end up in a really bad spot. We are in Ohio if that makes a difference. Thanks.

[gabby]

try to talk to the bank maybe you can set something up so you can catch up ( or try to do a short sale), and put it on the market if possible. foreclosure on any type of loan is the same, either way it will ruin your credit