I cannot continuse to make payments on a home and am going to abandon the home within 2 months. What are some legalities that I should know?

A home investors in your area may buy the house for what you owe. Some investors only want to pay you the tax value. If you want to go that route, call and compare the values that they offer before making that desicion. You can list your house with a local real estate agent and sell the house before you abandon it. As a Realtor, I have listed and sold houses within 30 days. Most closings take a time because of the title work... if you are in a state where you can expidite the process by doing those things ahead of time... that will speed up the time. Listing your house at a lower price will move it quickly. If it need major repairs, list it lower. 1. What ever you decide to do will affect your credit (Good or Bad). 2. When the house is reposesed and sold you may still have to pay the difference that the bank gets and what you owe. 3. You may also be liable to pay taxes on the difference that the bank gets out of the sale and what you owe if it is reported to the IRS as a cancellation of debt with a 1099.