Should we walkaway from our townhome?

Should we walkaway from our townhome?

in 2004 we bought a townhome for 185k, my mother agreed to give each of us kids 10k to place towards a home, so that paid for 5k in closing fees and 5k down payment. We took out a loan for 180k we had some slight credit issues that place us into a 8% fixed rate. With taxes insurance plus HOA we up out 1650 to all of them. Our neighood had lots of forecloses 4 of them to be exact and they have been selling for 130-150k. This spring a few units down my neighbor committed suicide in his home, that is on the market for 120k from the bank and not one is intrested in it. We called this spring to see if we could refinance well they said the home is worth 145k well we owe 170k. My next door neighbor was in his unit since it was build 10 years ago invited us over for a grill out last friday telling us he is walking away from his home and that he already signed a lease renting a town home else where, he is now 6 months behind and going into a sheriffs sale. He will be moving our last week in Au guest. I lost my job in april and my wife has suffered hour loss, i talked to my bank “BoA” they seem not to care they just want there 1500 a month. Our saving went from 50k to 21k in a year! This is way worse then renting, even just a year and a half ago homes in our community were going for 170k then all of these forecloused units. This now going to be right next door. I looked for rental properties and found some that are nearly exact as our townhome going for around 1k. We live in MN anyone know if this will recover! dang i am so frustrated. Plus with all the cheap housing in our community we have noticed more rif rafe.

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