trying to get out of my house

Posted by Fred on June 23, 2008 at 17:36:22:

I have a home that I am not living in, with an interest only loan. The house has sat on the market for 9 months with no offers. I have reduced the price to the point that I will now need to bring money to closing to get rid of the house. If I choose to let the home go into foreclosure can the bank go after my other home? Also, if the property is appraised at more than my loan amount, will I owe anything to the bank when it goes into foreclosure? Please help.

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