Scared--Do I stay or do I go?

[Hindsight]

What is the name of your state (only U.S. law)? S. Florida

First off, I'm so embarrassed to be in this situation. My husband and I both worked in real estate/development/construction related jobs for 10 years and made good money. We built a modest home, making sure we could afford it on one of our salaries, in a growing area and acquired a lot of equity quickly. As the market continued to boom, and everyone around us got rich, we chose to take money out of our primary residence and put it down on an investment condo.

The market began to go bad and we mistakenly believed it would self correct. Our jobs stopped being profitable and we both immediately searched for (and thankfully found) good, seemingly stable jobs. Both of our incomes equaled one of our salaries from before and we were struggling and had to cut back on other expenses in a major way, but were still making it.

Now, our tenant is moving out and current market rent is a third of what our mortgage is on it. I just got word from my supervisor that my job is going part time. We live in the area with the highest unemployment right now, so I'm happy I'm not flat out fired...but I'm sweating bullets. Value has totally tanked on both properties.

I have small kids and would like to move while I still have good credit. We have not missed any payments yet, but things are crumbling down and it is absolutely inevitable once I go part time (March 1). We have the chance to rent a nice little home in the best school district for $800 less a month than we pay on our mortgage. I plan on putting both the house and the investment condo on the market and up for rent and pray that something works out, but should I move into the rental while I can still pass a credit check? Will I need to file bankruptcy if both properties foreclose?

I'm embarrassed and scared and would truly appreciate any advice. Thanks for making it this far