Puck

I say no.

Your credit is already ruined, so having a foreclosure will only hurt you a little more.

The entire economic situation in Michigan is completely in the toilet. Chances are very good that your home will never be worth what you paid for it, in your lifetime.

But your getting older, getting sicker, wanting to retire, needing to retire -- those are pretty much sure things to one extent or another, so you need to hang on to your retirement funds, which you will need. You also need to keep adding to them. These retirement funds are also protected in the event of bankruptcy. Yes, I said bankruptcy. If you choose to allow a foreclosure, you really need to consult a bankruptcy attorney.

With the way things are in Michigan, it's not like you only need to hang on for a year or so, and things will be better. No -- things are VERY bad there, and I'd be surprised if your home essentially DOUBLED in value, back to what it was worth when you bought it, anytime soon.

Protect yourself, and protect your future (your retirement funds). That house is the past, and you may need to shed it, if you can no longer afford it.

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"Wealth is the slave of a wise man. The master of a fool." -- Seneca