I recommend you contact a local Realtor and see about doing a short sale on your house. You at least need the current value of the house.
You also have the resources of Consumer Credit Counseling agencies.
See the advice of an Attorney. You can get a free consultation. See if you can talk to a real estate attorney about the house and mortgage then speak to one possibly about bankruptcy. If you are going to lose the house you may want to wait to file bankruptcy.
You need to investigate and gather all the facts then make your decision about what to do. Please do be careful to use trusted agencies and people as there are people out there who will Scam you.
In order to best protect yourself and any other assets you may have, you may wish to consult with an attorney who specializes in real estate--if you cannot afford one, contact your local Legal Aid Society, for a pro bono attorney--free--you may also wish to contact your lender, and then go from there.... more
Many people are having the same difficulties as you are facing. I know it must be emotionally draining. There is help for you. Please get in touch with your lender and see what programs they have available for you. Possibly a loan modification or a short sale. Always seek the advice of legal council and your tax advisor for any consequences in your decision. You do have options, it's just picking up the phone and asking for help. You are not alone.
If this is the roof over your head, and you want to keep it, you should consider trying to reduce your mortgage pmt so that it IS affordable. We can do that by negotiating a loan modification. If you're resigned to abandoning ship, then a deed in lieu of foreclosure can be negotiated, which shows as paid in full in your credit report and protects you from the lender going after you for their loss. Feel free to contact me to discuss this further (813-600-3428).... more