If you have equity in the house to support the short fall related to your mortgage balance to fair market value, or you can support the short fall with cash and you want to relocate as soon as possible---sure, why not? Home values are not going to increase much within the next several years. You will probably find a home when you relocate that is an exceptional value where that home's value has decreased as well. I'm seeing many home owners purchase larger and better homes now that they could not have otherwise afforded 36+ months ago. Most sellers are taking a hit when selling their home, however, they are getting far more in return with the purchase of their next home. Good luck!