Sorry to provide more bad news. The only good news is that if you live in a state in which you are liable for any remaining mortgage balance after foreclosure, the bankruptcy filing would eliminate that liability. It is hoped you can find the additional income, so you can afford a modified mortgage payment and keep the house. Bankrate's content, including the guidance of its advice-and-expert columns and this website, is intended only to assist you with financial decisions. The content is broad in scope and does not consider your personal financial situation. Bankrate recommends that you seek the advice of advisers who are fully aware of your individual circumstances before making any final decisions or implementing any financial strategy. Please remember that your use of this website is governed by Bankrate's Terms of Use. Copyright 2013, Bankrate Inc.