This is some good stuff, and I thank all of you for your good responses. I can't do that TARP program refi as I refinanced a month after the last date the program will allow (it was a rate refi, not and equity out refi). I liken our situation to being circumstances, bad luck, and a lot of poor decisions younger in life. I am glad no one has lectured me, because believe me, we know we are in a pickle, and it's time to figure out a plan before it's too late.
Aridon, it's amazing how well you see where we are. It's very distressing to pay month after month for something that continues to depreciate, and we have all that stuff coming in the next year or two...heat pump is at least 12 years old, the water heater at least 7, and the roof is starting to peel, and the fence planks are disintegrating. On top of those costs, the house would probably need 10-15k of updating inside to even put it up for sale.
In the old days people would spend money, knowing the house would appreciate and repay them and then some...now it's like owning a boat to own a house.
Anyway, I do appreciate each and every one of you taking the time to give me some feedback. I am also glad we have lots of time to decide a course, and I plan on being OCD about my research on it!
