What are the reprocussions?

[JLD327]

What is the name of your state (only U.S. law)? COLORADO
I have a chance to move to Ohio for a better job, but in this market we can't sell or even rent our townhouse for what we would need, our HOA fee is high, plus we have a small second mortgage. We are very financially strapped with my husband going through debt negotiations for credit cards also. So we definitely can't afford to keep paying for our home plus rent an apartment in Ohio . Is forclosure our only option and how does that work with a second mortgage?
Thank You for your help/time.

 

[FlyingRon]

How it works is if the foreclosure sale doesn't satisfy the secured mortgages (both first and second), they can come after you for the deficiency. In addition, the HOA can pursue you for the unpaid dues up until the foreclosure.