Find the best financial services for you at: SMARTFINANCESOLUTIONS.NET - Bankruptcy rules and foreclosing on a house? - I live in Nevada. My husband and I are talking about foreclosing on our house. It is approximately $150,000 upside down. It will never recover. The neighbors are moving and soon we feel that our little neighborhood will be gone. So, we are considering jumping ship too. I heard that in Nevada, the banks have 7 years to come after you for the difference of your loan versus what they get at auction.