We bought a house for 800K in 2007 and now it's worth about 520K.
Citi has 1st mortgage for 640K and second for 80K as we put down 10%.
We plan to move out the country and rent the house(this is to avoid telling everybody we foreclosed as I see it is still frowned upon )
We are not in any hardship and are well above the 31% limit.
Can we stop making payment and negotiate with citi to reduce both principal and interest such that rent satisfies the mortgage.