Should I foreclose because of taxes?

Posted by Joan Meyer on October 20, 2008 at 10:07:25:

I haven't come across anything close to my situation, so I decided to join in !!

When we bought our house 5 and 1/2 years ago (in Wisconsin) they ran city water by and we had a bill of 10K go on our taxes, it is now down to 6K so when we put our house up for sale in July we included that in our asking price. In Sept. they ran city sewer by and will be tacking an additional 12K on to the taxes. Adding that 19K from taxes to the mortgage, we owe more than it’s worth. We have had several interested parties but when they find out the price and about the taxes they run. I know that we are legally responsible to pay them but there's NO way we can get what we would need to pay everything off. We are moving because we can not afford the house,my husband has been getting laid off one and two weeks a month. We feel maybe we should just foreclose, we are not late on any payments at this point but will be soon. We haven’t been able to get anywhere with the bank and no one has any advice. Can someone please give us some advice, we’re stuck between a rock and a hard place

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