[Garrett R]

...what are the consequences of foreclosure? I have been searching for information on dealing with the foreclosure of an investment property in california. The house I used to live isn't worth nearly what I paid for it. I am currently a month ahead in my payments, but am having trouble finding renters and even if I did, it would be at a heavy loss each month. I am looking for information on any tax implications or anything else. Also, the property and mortgage is only in my wife's name, would this have any effect on my credit score? any help or links to information would be greatly appreciated along with any constructive suggestion. Foreclosure, is not something I want to do, only as a last resort. thank you.as a bit of extra info. it was originally bought in 12/04 as a primary residence, in which we lived in it until 8/08. when we moved into our current house. Not sure if that changes anything. Does anybody have any links I can go to in order to ensure about paying taxes on "forgiven debt"?Also one more bit... I am approx 100K upside down on the property at this point.