Wow no jobs in Hawaii? I guess if I think about it the fall off in travel and tourism will eventually hurt real estate values.
I have no idea how much prices in your are are depressed, but the important thing is that if you cannot sell for more than you owe you MUST work with the lender. If they will forgive your indebtedness with a d.i.l or through a short sale either will have similar effects on your credit / ability to buy down the road. The actual effect of either (or even a bankruptcy) is similar.
In regards to your TAX BILL that is a much more IMMEDIATE problem as in many jurisdictions not paying those will result in very rapid tax sales and THOSE take precedence over the mortgage.
Given the complexity of divorce, mortgage issues, possible tax delinquency if I was in your shoes I would camped out at the "legal aid" offices --
Legal Aid Society of Hawaii HOME
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