Colorado Forclosure Situation & Effects (help)


Posted by Guy on September 26, 2007 at 13:32:39:

We are at a branch point where we need to decide if we will forclose or live there (as best as we can).

If I foreclose: (aware of nasty credit hit and foreclosure remark)
- will i have court fees?
- is a short sale reflect on my credit as only not paying ~3 months worth of mortgage?
- can they garnish my waiges?
- does foreclosure automaticaly mean I should go bankrupt?
- if the mortgage company passes my debt to a collection agency, can I negotiate?

I got the home for 172000 ~ 3 years ago with 80/20 interest only loan. No point in trying to sell it (even had a raltor tell me it's pointless in my area). Concrete in downstairs is sinking (about an inch this year). Would the house apraise for less now cause of the major damage? and if it apraises for lets say 130k and is auctioned for ~130k range, would I owe the mortgage company anything?


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