Principal reductions just aren't happening as of yet. We all just have to ride out that storm. I think the majority of us are upside down (as
CW told me a couple of years ago "what goes up, must come down" LOL) Although someone said "Wachovia" is doing them...
It's a bitter pill to swallow, but it sounds like you can make your payment on your principal residence; so I highly doubt
CW would do anything.
As for your rental, you do not have a tenant to pay the mortgage right now?
I do not even bother contrasting with Zillow anymore. I know we are going to be upside down for many years so I accept this fact. Now that we have a more civilized payment I can sleep a bit more at night.
I hope you find the best decision for yourself that only you can make.
Best of Luck
