Hi Homeowner, this sounds like a situation where you really MUST connect with a good area short sale
Realtor, someone with experience in short sales, as this may be your only choice to get out of your current home.... With having bought it 2 years ago and with an 11% fixed rate we are assuming that you owe the bank more money than you can sell your home for in this market....
So get together with an experienced, long time Realtor with experience in Short Sales and Foreclosures who can sit down with you look at your numbers and give you the very best advice.... But remember short sales take a long time to go through with the bank, so there is no way for you to get out and move somewhere else in a few weeks, unless your Realtor finds a way to rent your current home to cover all your expenses loan and interest plus and you rent somewhere else???? But it is hard for us to say without having all the numbers in front of us, nor knowing what you paid for your home, what you owe the bank and what your current home could really sell for, to determine whether Short sale is your best option.
Good Luck to you!
Edith YourChicagoConnection & YourRealtor4Life!
Working always in the very BEST interest of her clients... more