Many factors to consider. I would consider proximity to work for example. If you have a long commute that would be something that you could improve by renting.

Sounds like to me you are looking to a strategic default. Good thing you didn’t put any money down.

I would check with an attorney and see if there are any ramifications of doing the loan mod on your ability to walk away from the loans non-recourse. I know purchase loans are non-recourse but the mod might be viewed as a re-fi.