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*rachel*
I read your post below in the confession post about feeling stuck in your house. Have you considered a short sale? We decided to short sale our condo so that we could buy a bigger house. We too bought at the peak of the market and our condo is now worth less than half what we paid for it. We are seriously outgrowing it already and we could not fathom being stuck here until the value went back up to help us at least break even (that could be 10 years for all we know).
So after doing a lot of research and talking to a lot of people, including our real estate attorney, we decided to try and go for a short sale. It basically allows us to cut loose from the condo (without profiting anything, of course). It affects your credit slightly, but not nearly as much as you might think. It comes out as a settled account on your credit report. It's actually worse for your credit to be delinquent on your mortgage payments, and luckily with a short sale, you can be completely up to date on your monthly payments and still get it approved.
Anyway, just wanted to share since I know how you feel and how frustrating it is...
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Re: *rachel*
I have heard that it doesn't affect your credit as badly as a foreclosure and it will only last for months or up to a year, but I have heard from realtors, lawyers, and friends that have done it that you have to stop making payments for the bank to work with you. Does that depend on the bank or is there a new law governing short sales? The market and the laws are changing almost everyday that it's hard to keep up.
My goal is over spring break to really start doing some research. In a perfect world we'd move into a house this summer. I know it's not that easy and it won't just work out like that but I keep hearing so many stories thinking "that could be me".
I'll keep you all updated. I'm really hoping we can move.
We are very lucky and even if it effects our credit our scores are 800+, so a little hit will make our score just a little more normal and we have the ILs that said they are willing to cosign if we need help getting a mortgage. I don't want to kill my credit - but I am sick when people are buying my same until for 50% of what we paid. We put 20% down and did everything right and are stuck big time without finding a way to foreclose or short sale. My feelings now are let's just rip this band aid off and hurt now so we can quickly forget about it.