[Ronald E]

Can the mortgage company come after more in foreclosure? We need to let our house go because we cannot afford it any longer. We live in AZ, can the morgage co. come after us for more money? Should we file bankruptcy instead?

[Sender]

You need a pro to consult with on this. To many variables to go into on this site. The mortgage company may be the least of your problems. The IRS has some strange ideas on foreclosures these days. If you have been dealing with a bank for several years, Go down and ask the manager for info. She might know all the answers but if she doesn't she will know who does. Good luck

[877YouKeep]

Have you spoken with your mortgage company? Chances are you are not in a situation like the previous post mentioned, go see your neighbor the banker. Either do it yourself or hire a third party to negotiate your workout or in your case a short sale and let them explain the process. In Arizona there is a possibility of deficiency judgment but highly unlikely. Your lender will disclose whether or not they will pursue. There is a great chance that if a short sale is performed you will receive a 1099 for earned income on the discount. Work with a credible source.