[Joe]

I am needing to move out of state (MI) to pursue a job. The house I own currently is way under water (I owe much more that what I can sell it for). From what I understand about short-selling the house, the difference in the selling amount and amount owed will be considered taxable income, and I will need to pay taxes on that amount (adding salt to the wound). It seems to me, that if I am not concerned about my credit rating, and since I will effectively be handing the bank back their property anyways, foreclose may make more sense for me now.How will foreclosure affect me? Can they put a lien on my savings account? On my wages? I may want to walk away from my house via foreclosure, but I am unsure of how this will practically affect my life.