how do stay in my home the longest while in process of forclosure

[upsidedownarm]

What is the name of your state? AZ
I'm about 30 days late on my payements and I am upside down about $150k and in a arm loan that I cant refi. My plan is to forclose and save as much money as possible while living in the home then rent for 2 years and then try to buy again or lease option when market picks up. My subdivision has about 15 forclosures and I just need to know what to tell the lenders my plan without saying im not going to make the pymts. need to string it out as far as possible. Is there any tricks to accomplishing this? Also, if this is my primary and under 2.5 acres can the banks garnish my paychecks for the difference owed and the auction price?

[LindaP777]

Research "deficiency judgement". Foreclosure doesn't necessarily wipe the slate clean.

[upsidedownarm]

also, a lot of my research is coming back that if its a primary home under 2.5 acres that cant come after me. There is going to be over a million forclosures within a couple years time. are you telling me that they are going to come after those people. I guarantee they all owe more than what the home books out.

[LindaP777]

Well, seems you already have all the answers. Good luck to you!
(Hope you don't plan to own a home anytime soon.)