What can I do with my "upside down" houseMoved into the house 14 years ago and paid $94,500. Currently owe $79,000. House is valued at approx. 60 to 65K. No homes have sold in the neighborhood in over two years. Turning into a 'rental community' to some extent. Within the last 6 months, our bankruptcy has fallen off of our credit report. When this happened we found that our mortgage company is not reporting any of our information to the bureaus. When we asked them about it, they made it sound as if it was a normal thing, even though we reaffirmed the debt on the house. They even went as far as to suggest that it would not hurt our credit if we simply walked away from the house. Because the house was so poorly built and, to some extent, is falling apart, I would LOVE to get out of it by ay means necessary. I simply find it hard to believe that there would be NO repercussions to my credit score. Can anyone help me understand the situation better? Also, the main reason I am asking is becasue I was just forced to turn down a job offer that would have meant relocating because of the house! I can't afford to pay two mortgages and pray that the house sells. Based on the words of the mortgage company, it SOUNDS as if I could simply go out, get a loan, and then walk away from the house. Again, it sounds too good to be true. Any help on undertanding this situation, the reprecussions of walking away, and how I can improve my situation so that the next time a great opportunithy comes along I don't have to turn it down due to my house, is greatly appreciated.April 20 2014 - Temple00YesReport 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.