I am unemployed and can not afford the mortgage payments. I have a house on the market, but it will not sell for the amount of the loan. I thought of the first mortgage holder (80%), give a certificate instead of foreclosure. If the second mortgage holder (20%) are able to raise money or be able to judge against me file as a homeowner? I live in the state of Arkansas.

Once the first mortgage holder sells any surplus it will go to the second mortgage. If there is one that left, then you will receive a check. If it is not sold to cover both mortgages, so you must either pay the difference or claim on your taxes as a gift and pay taxes on the amount of the mortgage company wrote.

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