My husband just lost his job and we are trying to figure out the best way to handle o

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My husband just lost his job and apparently we won't be able to make the house payments, car payments and credit card payments. We literally just refinanced the house. 30 year fixed. We bought it in september of 06. We owe about 168,000 and the appraiser put it at 175,000. I know for a fact we won't get 175,000. I'm trying to figure what are best options would be. Deed in lieu or a short sale? Can someone please give me some advice. I'm so worried. I have done such a great job at keeping my credit score in the 700 and I know know matter what it's going to take a hit. I haven't defaulted on any payments yet and our 1st payment on the new loan isn't due till august but I would prefer to be prepared for the worse.


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(Source: mortgagefit.com)