Upside down in my house
I own a home in Florida but I couldn't find a job there so I am currently renting an apartment in Virginia where I am employed. We bought our house in 2005 near the peak of the market and it is worth about 100k less now than what we bought it for. We have rented our house out but are netting about $900 less per month than our house payments are after considering renting agent fee, repairs, taxes, insurance, etc.
I'm paying over $10,000/year for the right to make payments on a home I couldn't sell for anywhere near what I still owe on it. I tried selling the home(it would have been a short sale) for 5 months last year but never got a single bit of interest.
I am so upside down in my home and will likely stay that way for at least another decade. I'm considering allowing the home to go into forclosure so I can move on with my life. Does anyone have any experience with this and can offer advice?