Already going through Foreclousure. Should I give up primary home? (2nd mortgage, credit)

[TrishFL]

Hi
A couple of years back I got a loan for a condo for my sister (her credit score was too low)
Unfortunately, she got ill and recently died.
I made the mistake of making payments on her condo with a 2nd mortgage on my house (to keep her from worrying about that while trying to fight cancer), and few months ago I ended up filing Bankruptcy Chapter 13 to get rid off the condo, and that property is now under foreclosure.

I now owe more on my primary home than what I can sell it for (about 30k without taking into account closing cost and realtor fees). I live on a house a block from Lake Eola.

I am wondering if I should just give up my house as well now that I am already under bankruptcy and rent for a couple of years (at 1/2 the monthly payments), and save money that way... or keep my house, which is a really good location, and wait for a couple of years until the market gets better.
I will sell it in 1-2 years any way since I would like to move back home.

My sorrow makes it harder for me to think straight some times, and I just wanted to hear your opinions.

Thank you

[rholborn]

hi trish, i'm so sorry for everything you're going through. I would definately consider a short sale for your primary home. please don't give up your house okay? there is lots of help available to you, you just have to know where to look that's all!
i feel really horrible because of your situation that you're in. i'm sorry and i'm sure everyone here will help with any advice they can! take care........

[krock67]

IMHO I believe it will take 5 to 7 years to workout all the problems in this housing market; therefore, I wouldn't recommend a 1 to 2 year hold than exit strategy.

[Lilybeans]

If you can make the payments, do not give up your home. That is never a good idea.