[MUSTANGGT351]

...into foreclosure, will the bank come after me for the balance? The bank is covered because i am paying PMI insurance. the house has major problems and i move out of town. Will the bank or insurance company come after me?

[Chris L]

YES. You owe them money. Your PMI insurance makes it so they can come after you. PMI payes for your taxes, that way the state cant take your house before the bank. You will regret it.

[Double Dachshunds Owner]

They will turn turn you over to collections.

More importantly, foreclosure is a last resort. It will ruin your credit for many years to come.

Think about it carefully.

[Marshall]

yep and the IRS will be giving you a 1099 at the end of the year cuz according to them, the money you screwed the bank out of is technically a profit for you so expect to pay taxes on them.

Do a short sale