Refinance. If you would rather them foreclose on it, it will take them several months of defaulted payments before they begin foreclosure proceedings. If they foreclose on you, it will ruin your credit. Like I said, you can refinance it, or rent it out to make the payments until the market improves and you can sell it. Your interest rate is rather high, and with your loan being an ARM, the best thing to do would be to refinance.
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