Thinking of letting my house go

[duncan65]

I think I am going to let my house go..the repayment plan from chase is high, plus my second. I am underwater by about 20-30k from what I can tell in my area. If I let it go and rent an apartment for 1000.00 a month the difference I would save over the next 18 mos. is almost 40k. If i file a 7 and get back on track, what is your opions if you think I would ever be able to buy a house again, with 20% or so down. Just do not think it is worth it anymore. Also is it better for me, credit wise, to do a deid, or short sale, or just let chase forclose?

What is the Cash for Keys I have heard about?

Thanks

[markmc2000]

why not just sell it and pay off the second. Paying off $30k in one year sounds like a good return on investment!!! you can keep your credit, buy something cheaper, whatever. Or do short sale. You have many options. but you difference between rent and mortage sounds pretty good to me.

[sqa4life]

if you let it go through foreclosure and live rent free for at least 6 months, you will save another ~13k, based 0n your 18 mo = 40k