You really need to talk to an attorney about this. In my state even if you file bankruptcy the lender can still foreclose on the house - it only buys the owners a few months.You could sell it for less than you owe on it (called a short sale) if the lender agrees. It's very difficult but it's worth a shot. Foreclosure should be the last resort.Call the lender, try to be very factual and not emotional, don't cry on the phone and beg for mercy. Just try to show them that you'll do everything you can to get them their money back. Ask for a short sale package and see if you can get them to agree to take $400,000 on a loan of $470,000 (for instance - it all depends on what the current market value is.)But go get legal advice from a professional - do it right away!
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