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Originally Posted by yournamehere
Have you considered looking for another job in Michigan?
Seriously, relocating costs enough without having to take a loss on your house. Stying put and taking a job at 80% of your present salary might even be a more fiscally responsible option over the next 3 or 4 years, unless you're already living at the extent of your means.
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The problem with this is that the group of available buyers in Michigan is shrinking, not growing, unlike other parts of the country. The housing bubble has well and truly burst there. He isn't likely to recover his investment in Michigan, period. His house is more likely to continue to lose value, based on the current state of the market in Michigan, as well as the employment market in Michigan (which is shrinking at the fastest rate in the country). MI also has an exceptionally high rate of bank foreclosures, which certainly doesn't help the property market any.
My advice? Go with ratbastid's. Ask people who know more than we do--your bank or a personal finance specialist. But, Stompy, you are more likely to recoup your loss in Michigan via a gain in Florida, where property values continue to rise despite the burst of the housing bubble, and the employment market is healthy. Get out of MI while you can!