From a purely financial point of view, you may be better off selling your house, and moving into an apartment. It may not be the easiest thing to do, or the easiest choice to make, but it may mean the difference between financial survival or demise.

By cutting the expense of the mortgage, you will set in motion a small chain of events that will all contribute towards saving money in the interim. Your insurance costs will be reduced substantially; there is no property tax to be paid, and no maintenance to be done. If you decide to move into an apartment, you will have the added benefit of not having to maintain the yard.

It will probably be difficult to give up the space you got used to, and moving into a new neighborhood may require some adjustment from everybody in the household. However, there are times in your life when you have to choose between sacrifice and disaster. Which would you rather have to deal with?

Eventually, you will be able to own your own house again. And because of the decision to cut your losses and get out, your credit score will look a whole lot better than it would if you had to wait for the bank to tell you to move.

If you feel you will be able to make it through the tough times ahead, good for you. If not, you may have some tough choices ahead. Whether the choice you make is right or wrong will unfortunately only be certain in time. Think very carefully: Emotions may be a strong motivation, but it does not pay the bills.