HARP 2 - What Should I Do and Who Can Help?My wife and I purchased a home in 2006 for $300,000. The home is now worth somewhere around $200,000. We have no problems with the payments, never have and in fact, we could put a sizable down payment on something new. As our family starts to grow, we want to buy something bigger and better, but we cannot because we are saddled with this current house that we are under water in. I figure we have 3 options here and all involve the latest HARP program where we can refinance no matter how under water we are: Option 1: Refi for a 30 yr. Rates are still high for this because apparently we are "at risk," whatever. We would only save about $200/month and our thought of renting kind of went out of the window because the rate is closer to 5.2% not 4.2% and we would still lose too much $$ per month renting. Option 2: Refi for a 15 year and plan on paying it down far enough so sometime in 5-6 years we could break even. Not sure what an extra payment a year would look like, I would be curious how much quicker that could speed the process up. Option 3: Buy a new home now and walk away from ours. I honestly do not think I could ever do this, too risky, but it seems that the only thing will suffer will be my credit. I would have my dream home, I can pay cash for a car, what else do I have to worry about. I still hate being able to buy something new now but having to stay in our current home because of how underwater we are.March 24 2012 - Seattle00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.