SL's private or Federal do NOT have an SOL-
Do the math-
Weight each possible decision-
Are you upside down on the mortgage?
Will renting reduce your monthly costs?
If you default on the mortgage- are you willing to NOT be a home owner for 2 th 3 years or longer?
What would happen if the SL's pulled 25% of your check in garnishment ?
Do what is best for you!!!
There are very few PRO's to your situation unless - you do what lot's of jinglle mailers are doing- living in the house for 6 months (rent free) prior to a major derog- FC.
Make a plan- do the math, you can't undo yor decition/