If your house is not worth what you owe the bank, unfortunately, you don’t get to only pay what your house is worth. You’re still on the hook for the full value of the loan. If you owe $281,000 and the house is worth $100,000, the bank may be sending you letters saying they may have a program for you, and you might keep throwing these away, but you’re still on the hook for the full value. Even though the property value dropped, what you owe on your promissory note did not. I wish it did, but unfortunately that’s not the case. Learn more in the video.