We purchased the one bedroom condo we live in 7 years ago for $148k and it's now worth $85k and we owe about $128k. We are thinking about renting a place, moving out of the this one, continuing to pay all other debt but letting the mortgage company have the damn condo. We have had flooding multiple times and the condo association refuses to get a master flood policy (yes we are in a flood zone) and can't sell to anyone that wants to use an FHA. We also don't really have much savings but enought monthly to afford a two bedroom rental. We hesitate because our credit is around 800 each and we dont' want to regret it later on. I just keep going back to the fact that in 7 years we could either be here and still potentially underwater (both literally and figuratively) or have the foreclosure off of the credit report and be able to get into a place we care about, want to stay in and can raise a family in.
Read more: Should we foreclose on our home?
