GA Foreclosure

Submitted by A_Maria from GA - 06/10/2009 - 8:57am

Scenario:
 
1.  Home value dropped to below $110K
2.  Ist mortgage at $140K (home bought at $150K in 2005)
3.  2nd mortgage at $34K
4.  Laid off last year
5.  Working again but out of state
6.  Paying rent while working on the road
 
I have decided to let go of the house.  What are the things I need to consider and prepare?
 
Any advise from others who have suffered similar situations woudl be appreciated.

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