You might want to consider a deed in lieu of foreclosure and just hand over the keys. It will still affect your credit, but it will avoid the foreclosure. If that doesn't interest you go for a short sale. This cycle is gonna take a while to turn around and I wouldn't be banking on MAKING ANY DECISIONS on an upside down property based on the market turning around any time soon.
What if I owe way more then my house is worth? Should I just walk away and let it foreclose?
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