Thanks for the input all, yeah my story is a standard one. Borrowed way too much, stated income, 0% down, interest only, first time buyer, etc etc. But if I didn’t get into the market in 06 I would be priced out soon, and I could always refi in 2 years right loan officer? Ha. I’m not passing the buck though, I accept responsibility as time goes on I’m slowly succumbing to the fact I will probably have to take the credit hit and leave, which is depressing.

My wife and I like our cul-de-sac house and our combined salaries have increased form 85k to 120k through hardwork so maybe the bank will give us a break in 2011. Although, I’ve already dealt with the “workout dept” and their first and second answer is NO. I guess the trick is to convince the bank it’s cheaper for me to stay in then get kicked out, I foresee many hours of hold music in my future.

Anyway, I guess only time will tell.

PS It’s funny the poster mentioned 400K max for my house, I remember thinking as I went through the process, this house really should only be worth what the guy I bought it off paid in 03 (about 380k). But then I promptly signed the papers. School of hard knocks I guess.