I also live two hours (or more, depending upon traffic)from work. Yeah, Dave...good luck selling the house. Not gonna happen. Foreclosure on one side of me, my house underwater. Let’s be realistic.
Most people who are in the situation described to Dave wouldn’t have made the mistake of being underwater on their house.
And if you aren’t underwater, whatever loss you take on your house you’ll “get back” because the house you buy will also be dirt cheap. 2 hours isn’t really that far to be in a different cost market.
So the only problem is if you owe more than your house is worth, since you can’t borrow more than your new house is worth to buy an equivalent house.
Of course, if you are underwater, you are already in debt whether you have realized that debt or not.