Sell, Rent, or what do you think

[Francine White]

How would you start?  I currently own a townhome that I live in worth $480k.  I owe mortgage around $380. I was laid off my job and I'm currently awaiting my background investigation(BI) to clear and start a new job.  I'm thinking.  What if, for whatever reason my BI is denied.  Since I currently have $100K equity in my home.  How would you capitalize?  Would you sell and use the $100 to purchase something cheaper?  Way cheaper!  Or; Would you leave the home and rent it out?  Any suggestions?