Thanks for the response adonis. If we pay PMI does this help the situation

Thanks for the response adonis. If we pay PMI does this help the situation at all?
Is it best for us to contact the mortgage company now to tell them we no longer be living in the home as of April 1st and won't be making anymore payments? Or just wait to hear from them?

Hi dbaj,

Whether or not you've a job loss, the lender can come after you in order to recover the deficient balance resulting from the property sale. You should contact your lender and ask him to forgive the deficient balance. However, it will be his discretion whether or not he will forgive the dues. After a foreclosure, you'll have to wait for 3-4 years in order to qualify for a mortgage.