I don't want to ruin my credit!

I am often asked, 'how do I move with a loss?'

There are 2 options. 1st rent your present home for close to your mortgage until the market improves.  2nd: call your lender and ask if they'll agree to a 'Promissory Note' for the difference of what you owe vs what you are able to sell your home for.  

Most lenders are willing to allow a 'promissory note' for the difference.  They understand situations change and sometimes a move is necessary.  This allows you to move from the home, and promises the bank will not have any loss on their investment.  

The question for you may become, 'Can we afford to carry that debt?'  Only you can decide if you want to do what is right, and preserve your credit... or join the flow.

Best of luck!  May we all make good choices for ourselves and others.