I certainly understand your situation and there is no easy answer but consider if you can still afford to stay in your home. If you can still afford the mortgage payments then stay where you are and enjoy your home. If you have to move, I would suggest consider renting and yes, renters will never take care of your home as you will but if you are careful and choosey you will find a good renter as they are out there and you will then be able to afford your home and move on with your life. Also your new rental property will offer you many tax benefits. Talk to your tax avisor and find out. good luck.

It is either you stay in the house and ride out the price, sell it short and lose $160,000, walk away and lose the same money, rent it out or talk to the bank some more and try a refi. That is all the options you have! I know this hurts and that you aren't alone. If there is anyway to stay that is the best answer.

Hi Ginin,

You are correct in that if you short sell you will lose the $160k down payment. In addition you will reck your credit by selling the home short. Renting is an option but there are risks involved, just like with any business. Thou, the risks are not so high that you should disqualify the renting option. However, how long did you plan on living in this home when you first purchased? If your plans were really long term 8 years or more, than you should consider staying where you are and riding out the market. Values will return. While I cannot tell you when the market will completely recover I do know that the market historically is cyclical and always rebounds. When the market recovers enough the refinace option will return as well. If I may be of further assistance please feel free to contact me in my office at (626)610-1179. Thank you!

Matt

Good Morning, a good option might be to talk with your bank about a loan modification. Some banks will require you to be at least one month behind, that needs to be a serious decision on your part, on the other hand some banks will look at the circumstances and decide to do a modification before you come deliquient. What is your reason for needing to move? You can visit our custom webite at http://www.SanDiegoPropertyValues.Info , there you can get a very good idea of what your actual home value is compared to homes right around you immediate neighborhood. Renting can be an option, however, it would appear that you would have a large negative between rent and mgt and taxes. We can talk about the option that short sale will offer.