The information in this answer provided by Attorney Ranj Mohip is general information and is not intended as legal advice, nor does the attorney intend to create an attorney-client relationship with any reader by answering this question or otherwise contributing as a member of Trulia.com.
Things may not be as dark as you think. Many people are renting their homes for a few years, even iwith a small negative cash flow, with the idea of selling in a better market in the future. I advised my last client to do this, even though I would have loved to have listed his houese for sale.. His company is willing to still pay his closing costs (for the relo) for up to 2 years from now.
You can hire a property manager to handle your rental for you. Many Realtors also do this.
There are now refis for people underwater, provided they are current in their mortgage and haven't had a late payment in the last few months. I know 3 companies off the top of my head that have this program. There are many options for you.
Baird & Warner - Barrington
First, your husbandâ€™s company will likely be familiar with the issue when the time comes. Many people across the country are in similar situations through no fault of their own. Second, a lot can happen within 2 years. I'm not predicting a nationwide rebound, but some areas are seeing recovery. Over the next several months talk to your lender about options, keep an eye toward any new legislation that may come on to assist and meet with a financial planner/budget organizer in your area who can look at the best ways for you to prepare for both the best and the worst. Planning is the key to being prepared for what you anticipate, but can't control.