Thanks for your interest.
Here is the scenario. We bought in our neighborhood at an extremely good time for the neighborhood. Price's were up and things were good. FF>> five years and we are now (I think) upside-down on our home. We never took any money out but through refinance but our neighborhood was hit hard by foreclosure. I know this is the story of everyone's life's right now but I think that times may be worse in this part of town in comparison to other parts of Minnesota. We live in a nice part of N. Minneapolis but it has been devastated by foreclosure. We have never been late on a payment, our credit is great 800+, and make O.K. money. Just O.K. It was never our intention to stay in this house forever but it is looking more and more like we will have to. My son goes to KG next year and it was always our plan to move by that time. We have been casually looking at homes for a while and found one that I thought we could possibly afford. I can't stop thinking about that house. We thought about renting our home and purchasing another but I called the bank and they said that they really are not doing second mortgages because people getting themselves into new homes and skipping out on their previous mortgages. Is this really happening? I suppose it is but with our credit and payment history I thought we'd have options. I would be open to selling if I though we had a chance but a house similar to ours 2 doors down just sold for 100K less than what we owe. Ouch! I'm sure glad that I didn't take GMAC up on that 30K home equity line a couple of years back but I suppose I wouldn't be any less stuck. So much for doing things the right way. What are my options here? Any or do we just ride it out and hope that our kids don't become gang-bangers.