To Sell or stick it out!? Pls HELP!?

We have mortgage on the condo we live in that is worth now what we owe on it.. maybe a little less. Our dilemma is whether or not to sell or stick it out. We have student loans and high credit card balances. In addition we have a prepayment penalty for one more year if we get out of the loan, it is about 9k penalty. My husband wants to stick it out, but I am afraid that we will not take advantage of selling it now and buy another place for less so we can build equity on a better neighborhood. We have 2 young children under the age of 1 and want them to attend a better school district as well. To add to the problem, we are running low on HOA reserves because other units are foreclosing and are delinquent on HOA payments.

There are multiple high cost projects that need to be done to maintain the complex, so more money will need to be taken from the HOA.

So, we sell now and take can we can, pay the penalty or wait until the economy goes up again. We were originally planning to move out in 5 years to a better school district, but with all the HOA problems and debt that we have, we don’t know what to do. To sell and move to an apartment to pay bills, sell and buy a new place or not sell it all and stick it out. Thank you so much, we greatly appreciate it!!

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