Want to sell our Townhouse, how do we do it in this market?

We bought a brand new Condo/Townhome in Rhode Island in 2005.
Its in a decent area, 10 min from Providence. 40 min from Newport. 50 minutes from Boston. We both lost our jobs last November and are both living on one Unemployment check. With student loans, cars, insurance, utilities, mortgage, credit cards etc… Its all getting to be way too much and we are throwing away everything we’ve saved into this black hole of debt & mortgage interest.

So, we’ve read all about both types of Short Sales, (release of lien) etc.
Foreclosure, Bankruptcy etc…..

I know there is an alternative to rent our Condo/Townhouse out but the market isn’t looking that good for renting (to cover what we’d need for bills & to move) BUT, we want OUT OF HERE! We want to either move back home to upstate NY where our families are from or way down south to FLORIDA where its warm. I don’t even care if we RENT again. I’m SICK OF IT around here. One of the highest unemployment rates and we are depressed and miserable.

So, what is there for us to do?
we had so much student loan bills on credit cards we consolidated into a second mortgage while the market was still good. So, now we have the first home mortgage and a second mortgage. These total $ 200K the main problem is that we are 1 of 5 condo units. The one on the end went into Foreclosure when its owner skipped the country. NICE! So, with that unit selling for $ 129K we are screwed!

So we’d short sale and have to get forgiveness for $ 70K
If its a release of lien, I can’t afford 70K plus all my 50K in student loans and still be left with no house.

What the heck are we supposed to do?
Just want to move…..

Any help would be great!

ps- I’ve tried talking to our Mortgage Co. (First Franklin based out of CA) they are NO HELP. and have straight out told us they won’t do anything unless we are 3 to 4 months behind on payments. Of which we aren’t. We have never missed a payment.

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