Thanks for the answers.
We're in an ARM that adjusts next summer. At dh's current income, we won't be able to afford our mortgage payment at that time. He makes much less than he did several years ago, due to being comission based selling building supplies.
One option is for him to look for jobs in a new field. But, that will probably mean leaving the area. He's already had to turn down one job (last year) because we couldn't sell our house and move (and living in the area was a requirement for the job--he commuted for 11 months before it became obvious it wasn't going to work).
Our options seems to be me going back to work or dh finding a new, better paying job. Dh doesn't like his current job, and we really want a SAH parent, so it seems that a new job is the way to go. But, we feel like, a new job will probably mean a move. And, then, we're unsure of what to do with our house. We do not have the money saved to pay the difference. We do not have family to borrow it from. Our bank/credit union will not loan that large of an amount on an unsecured private loan. Our mortgage company will not turn the title to the house over to the new owner without being paid in full. They will not turn part of the mortgage into a new private loan.
We do not qualify for a short sale. With our company, you have to have disability or the like to qualify. We have been told that in a deed-in-lieu-of, the house must be worth more than the mortgage.
This is a house purchased in 2006. We owe about $65-$70,000 more than comps are currently selling for.
We just feel stuck. If I go back to work, we give up the dreams of a SAH parent/homeschooling, plus my dh stays in a job he hates, making less money each day, just to pay the mortgage on a house that is nice, but well, it's just stuff, you know? It's a hard place to be.