My question involves a marriage in the state of: Florida
I've finally made the decision to get a divorce. It's been a long, hard decision. I first made the decision in 2006, backed down, made it again in 2008, then backed down after my wife promised NC with her "friend". Lately she's rekindled the relationship, so I think it's time to move on.
One of my biggest problems is that we're upside down with the house. We purchased the house in 2006 for $235K. When I was thinking about a divorce in 2006 the value had dropped to $189K and that's one reason I decided to wait. However, the market continues to decline and the value now is about $100K.
We put $75K down, and our current mortgage balance is $153K, so we're about $53K upside down.
Because of our income the bank would not accept a short sale unless we agree to a deficiency judgement, which we're not willing to do at this time. We only have about $25K in cash total, so paying the balance down and refinancing is not an option. It's a conventional loan, so it's not covered under any of the government programs to help underwater borrowers.
I have no interest in staying in the house, however I'm sure my wife would love to. This was a house she wanted, I never liked it or the location.
My intent is to buy another house shortly after the divorce, so I don't want to do anything that will affect my credit score. I make substantially more than my wife does.
I'm looking for suggestions.
Thanks.

