I'm in a similar situ... got divorced last year... condo now worth 175k less than purchase price. Least I had no kids.
Banks won't work with you unless you're in default, or near default. So best option for leverage is to make late payement, fuck with them a bit, and screw your credit. Who gives a fuck about credit anymore anyway?
If I were the dude, I'd want my daughter close by... last thing I'd want is for my ex to move home, and hook up with some speedfreak pedophile... and watch her go down the dumps like the Sharon Stone character in Casino...
1/2 her rent is cheap insurance to stay in sight of the daughter.
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