mortgage reduction or foreclosure?

My house market value is 30k now,I still owe 50k in principal ,my interest is 4.99 ,I have been living in the same house for 12 years , my bank is Wellsfargo who’s refusing to participate in any mortgage program according to the Michiganhardesthit.gov including they are refusing to participate in the principal reduction program which I qualify for and is matched by the state of Michigan with equal amount .

I need a bigger house now that my family has grown,if I take another loan and buy a bigger house and walk away from the current one ,can I be sued by Wellsfargo for the principal and how does the city I live in know that this house has been foreclosed on so I won’t be responsible for any prop taxes from the date that I walk away ,thank you

Register New Account
Reset Password