underwater and moved - what are my options2 and 1/2 years ago we bought a condo in San Diego. We paid 450k for it. We were certain that we would stay in the house for a long time and got one of those fancy loans (interest only, no money down, 2 mortgages). Now zillow is listing it for 390k, if that estimate is correct we are about 60k underwater. The monthly expenses on that property are about $3600 a month. Last year I lost my job and was able to get another one right away, but in a different city. Since the condo was underwater we could not sell it, but we were able to rent the property for $1900. Every month we have to put an extra $ 1700 to cover all expenses. On top of that we have to pay our rent (which is more expensive in the new city), cars etc. We re basically living paycheck to paycheck. We thought we would be able to hang in there for a while but things have been tight. I would love to keep my good credit but I am not sure it is worth it. I am not sure how long the crisis will last and we dont know if we will always have tenants. We have very little savings and I am thinking about doing a short sale or giving the keys back to the bank. Any thoughts?October 08 2008 - US00YesReport 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.