[BHappy]

We own a condo that was completely destroyed by a hurricane. It will cost more than we owe to rebuild up to code, and insurance payout is less than what we owe. We are NOT behind on our mortgage payments (you can usually get help if you are). So, we've toyed around with the idea of foreclosing. Both of us have high credit scores we've worked all of our lives to get so the idea of that makes us cringe. But, we are tired of paying a mortgage pmt every month for a place we can't live! What a waste! We also pay for an apt. that government housing is going to stop helping us with next month, plus we rent out a storage unit for stuff we salvaged that can't fit in our apt. Bottom line: Is there any gov't. program out there that will help us with this mortgage. We want to wipe our hands clean of it (We were even planning on moving before the hurricane hit). Any advice?The condo will be torn down no matter what. So we will either be :A. Selling the lakefront property at a lower cost than usual due to the recession (so with insurance payout + selling land = less than mortgageB. Building new, up-to-code condo = more than mortgage.We would never sell the property as-is. There are boats in the driveway and smashed into the sides of the condo walls, it's a mess. We'd really lose money then! We've taped out or FEMA sources. They turned us over to HUD which is over next month. I hate to say this, but are there ways to "work the system"? Are there any exceptions that can be made as far as credit and getting a new mortgage is concerned if the foreclosure of the borrower’s principal residence was the result of extenuating circumstances beyond the borrower’s control and the borrower has since established good credit?Maybe we should buy a house on our good credit and then foreclose!?