If you are seriously contemplating /needing to do this consult a Realtor who has the CDPE qualification.( Go here) CDPE
Be aware that the shortfall between what you sell your house for and the mortgage outstanding is considered by the IRS as " Forgiveness of Indebtedness Income" and normally considered income for tax purposes. Congress has waived that provision of the code until the end of 2013, it may or may not renew that in the new budget - if and when we get one.
Yeah, I am definitely not going to get it together that soon. I am really just trying to find out what my options are. I would just like to live more frugally, and instead I have to keep paying for too much house.
Thanks for the link. I learned a few things there.