Should we let the bank foreclose on our house?

We made a bad financial decision in buying our house. We were trying to help out family and got caught up. Our mortgage payments are very high, and no one will refinance for us at a longer term because the house isn't worth what we paid for it. Essentially, we're under water. The house has the potential to be worth double what we paid for it, but we are spending so much on just the mortgage payments that we can't afford to do any repairs. I also tried getting a construction loan to no avail. At this point, we are stuck here just scraping by.

Read more: Should we let the bank foreclose on our house?