Second update: Updated: We are being forced from our home
We bought our home 7 years ago. DH previously rented a room in the same house for 5 years, so he has 13 years in the neighborhood. It was a nice townhouse community when we bought, mostly military and young professionals and the homes were mostly owner occupied.
About 5 years ago property values took about a $20k hit. Owners couldn't sell so they rented. Over the last 2 years the neighborhood has gone downhill with a rapid decline over the last year and values have tanked.
We now have a drug dealer living next door, have had 2 meth labs busted in the neighborhood, deal with frequent break ins on our street and random gun shots in the street. Tonight took the cake, 6 rounds fired in succession in the street and cops who completely blew off our concerns.
We owe $148k on a home worth about $80k but we don't care. We are short selling and gettin the hell out. I'm just so upset we are being forced from our home.
Update: Thank you everyone who had advice and well wishes. We will definitely work toward a neighborhood watch program and petition for a stronger police presence. We aren't entering the idea of a short sale rashly. We've been contemplating it for a couple years. We have just finally made the decision. We will be contacting legal and our mortgage company about what options we have. I've scouted a few potential rentals all ready and even found a nice gated community in our price range about 5 miles from us. So I need to get the ball rolling. We have a little to do around the house to get it sale ready.