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We bought our house at the peak of the market about 3 years ago. We owe about $310,000 on it,...


while it's market value is about $290,000. Minus all the realestate fees and closing costs on selling the house we are probably upside down about $40,000. We have no cash savings, no family to borrow from, a mortgage that cannot be refinanced, and a house payment that is $2300/month. Although we have great jobs and excellent credit, we are getting no where financially at 30 years old. Would it be better to blow our credit and bail so we can get a much needed bigger house, or should we waste the next 10 years throwing our financial resources down the drain? Any other ideas or options?

 

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