<prompt> Human: Let me start by saying I dont have a lot of exact numbers on hand and there are a number of things I dont remember or never fully understood to begin with, so excuse that.Hi, reddit. In the fall of 2011 I purchased my first home in a decent sized southern city. I was approved for something like 150k, but I kept it modest and bought an older home that had been recently redone for about 82k. The area it was in was not great, but I have no children so I wasnt worried about the schools zone and I used to live a block or two down the road from it for a couple years and never had a problem with crime. I got a 30 year loan at 4.5 which seemed decent at the time, and I didnt have a lot of cash to put down so my loan has PMI. I feel like at the start my mortgage was only around 400 a month, 500 and change tops. Well, it wasnt long before we had our first break in, the door kicked in and a number of electronics stolen. I made a claim with my insurance to replace the door and stolen items. I guess this caused the cost of my insurance to go up, so soon my monthly payment went up a good bit. I always pay over the minimum and it was still lower than that so I just let it slide. I first tired to sell my house around this time, to get out of there and go somewhere my belongings would be safer. My realtor told me at the time that if I listed it for what I owe, her comps showed it would sit on the market for an average of 10 months or longer, there were still a number of houses in the area selling for less at a similar size, and I would be looking at shelling out up to 10,000 dollars in closing costs. I didnt want to go into debt to be homeless, so I said forget it. Years go by and the neighborhood has gotten worse and my property value has gone through the floor. Houses are foreclosing everywhere around this side of town so all the values are going down. On top of that, they recently rezoned and say Im now in a 1 flood zone and am now required to have flood insurance.. Buying that has now raised my mortgage to nearly 700 a month. Though Ive paid over the minimum every month for four years, Im still at least 5,000 away from paying off my PMI. To make matters worse, I dont even live there anymore. My fiancé refused to live in that house and opted instead to buy a house twice as expensive in a better area and I live with her now, and my house at times causes us friction because Im not able to help her pay the bills for her house much because Im paying the bills for my own house. Ever so often she will bust out a If you REALLY wanted to sell that house, then you would implying that Im not trying to get rid of it at all because I want a place to go after I break up with her.. So yeah, its putting some strain on the relationship. Ive tried to lessen the burden some by renting out a couple rooms in there, with the hope I could actually make some money off it and then maybe it wouldnt be so bad to be stuck with it but so far that isnt working out super well. Im getting a good bit of money on rent but still not quite enough to cover what I owe each month after I pay my usual over the minimum amount, plus the renters are under no lease or contract as I have no idea how to go about doing something like that legally and correctly. Ive tried to refinance it once before about two years ago and at that time it was declined saying I owe too much on it, I havent tried since then. One of the renters would love to rent to own one day because their credit is abysmal and they cant get a loan to buy it but that just sounds like a bigger headache for me. I would love to just walk away from it and not have it be my responsibility anymore, but I have fantastic credit and dont want to lose that... So Im looking for advice on how to proceed. I feel like my only option is kick out a bunch of friends who are already down on their luck anyway so I can invest thousands of dollars I dont have into fixing it up to list it for sale so it can sit empty for a year and maybe sell for less than I owe eventually, or try to works some magic and get a better interest rate and lower my payments so that their rent will cover it. Or should I bite the bullet and ride it out until the PMI drops off and hopefully the payment goes way down with it?EDIT: formatting  <response>: Everyone is saying get out now because you dont need a depreciating asset. While I agree with this I would rent it but I am very handy and have the time and ability to take care of most things, no one is saying anything about the other mortgage and what would happen if you put all 700 into your wifes mortgage. If her monthly cost is around 1200 you will spend around 150,000 in interest over the 30 years to pay it off thus costing you 300k for the house. If you get rid of the shit out, lose the 10k or so, try to do a home equity line on that 10k and pay it off same as the large mortgage you will be paying nearly 2000 per month to the 150K nice house mortgage. Put that into a mortgage calculator... That will be saving you around 100k in interest. Is that shit house and worrying about renters and break ins and a new roof, washer, dryer, fridge, etc... 