We have a home which I cannot sell at the price that I owe plus realtor fees. We have a primary mortgage and two secondary mortgages. What happens to the secondary mortgages? Will Istill have to pay those. Also I read about the tax laws if you foreclose you have to pay taxes on the difference of the value of your home and what you owe. So I owe approx 595,000 but I believe the value of the home is probably around 539,000 so I would owe taxes on 56,000. Is that correct?
