9.25% monster with little hope of refi of purchase

Hi all - with regret I filed CH7 April 2008 and also had to foreclose on a rental property. Saying that FHA will not work with me until 2yrs out of BK and 3yrs for the foreclosure. I think Convential is 5yrs.Anyway, April this year we can finally either refi on our house or purchase a different house. I am at 9.25% and the mortgage is killing me. I am open to a refi but prefer to move closer to work and look for a house I can hang my hat and live there for some time.I am lost and confused! If I refi I am screwed because homes nearby are selling for almost $100K less than I owe. Basically these homes were foreclosed and purchased by investors. Homes in my block average $245-$290 yet the foreclosed ones sold around $160-$190. So how can I refi when I am sure the value of my home is not what it was 6yrs ago. My home was appraised in 2005 for $290,000.Second question, I would prefer to move and look for a different home but after reading above, I will take a hit if I put it on the market. I would be suprised if I was not offered $100K less than what I owe. How the heck would I eat that? I couldn't afford two mortgages so that also is a no win. And despite my CH7 BK no longer reports to my credit, my name is still on the title so even though the BK papers say I am not financially obligated to pay my mortgage, the title holds my name. OH and lets not talk about renting out my home. I need to show proof that I have been renting for something like 3 or 5 years before FHA would even work with me.Sorry for the novel. I just am not sure what to do and I prefer to not talk with my friends or colleagues because this is pretty personal. And what better then to discuss with you - hoping someone was in the same boat.So I would love to have the chance moving to a new home but also would love to get the 9.25% off my back. My mortgage is with GMAC. by tonysmith999 from Las Vegas, Nevada. May 20th 2011 Reply