Should we sell and cut our lossesHi- Hopefully someone familiar with the Seattle (Greenwood) market can help me out with this one. We are in a tough situation. We bought a home for 325,000 in Feb of 08' with 3% down. We were (naieve) first time home buyers and had the wool thrown over our eyes and now we have a PMI of just under $500 per month. I would like to do an FHA refinance but our loan to value has shrunk so I don't think that is possible but we need to get rid of this outrageous PMI. Part of me thinks that the only way to get rid of the PMI is to sell and cut our losses as I know the house will not appreciate any time soon. We might be able to get just the amount we owe on it.Any help or advice would be appreciated.January 05 2009 - Greenwood00YesReport 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.