What happens to a person how forecloses on a house besides just a bad credit rating?

I invested in a house in Florida a year ago which has gone down the toilet as far as property and home value. I should have never been approved for the loan in the first place with it being 350k, but now its valued below 300k. Im stuck in a difficult situation.

What happens to a person how forecloses on a house besides just a bad credit rating?
They can sue you for the rest any balance left after they sell it. And they will tack on legal fees, extra interest and anything they pay to sell the house.





Try to find a buyer on your own and then go to the mortgage company and attempt to make an offer and a "short sale".





Trust me, the banks don't want your house, and you don't want to end up still owing $100,000 for this bad deal.





You got yourself into the mess, try and pull yourself out of it.
Reply:It was an investment there was risk so deal with it.





http://www.breakingbubble.com/





Your Flip Flopped and i know you would of not shared the profits so I do not want to hear you and the other fool left holding the bag Cry like a baby.
Reply:try talking to some who does pre-forclosures. It is a gamble, what happens is you sign your rights to the house to this person they talk to your mortgage company tell them you cant afford the house any more and that they want to sell the home for less than market value, if the bank approves it and the person sells your home you are free from your mortgage obligations and check with your state to make sure it wont affect your credit. If it dosent sell you need to be prepared to either pay your mortgage up to date or let it foreclose.