I'm looking for advice on this situation.

Insurance rates stand to rise dramatically, so the question is "will the insurance rates go up enough see rentals go into negative cash-flow situations?"

Use that savings to move your family to a much more affordable situation.

I have always heard of the danger of a dual agent situation and understand why it's not ideal.

Whats the best course of action given my situation?

Is some one here in similar situation?  

Everyone's situation is going to be personal, so take any and all advice you get here with a grain of salt and weigh your options on what best hits your goals and lifestyle.

It's also a fluid situation as banks are constantly being acquired or merging so paying close attention to which banks these loan officers move around to is generally a good indication of which banks are going to offer the most aggressive terms.

Hi BP community,I have a situation, which seems a bit odd, and I would be grateful for any insights.

If you did not and it’s unsecured debt you could be out of luck on some or all of the money as depending on his situation unsecured creditors in a bk may receive pennies on the dollar depending on what he can afford and if converted to a ch 7 you would get wiped out.Even in 2nd position he could argue the property is underwater and wipe out your lien.