The first thing I would do is sit down with my bank and see what could be done. If your bank doesn't want to talk to you, go and see a mortgage broker or a mortgage lender. There are other steps that can be taken before giving up. May be a restructuring of your debts might be the answer. Most banks I know do not want short sales or foreclosures any more than the sellers. Remember that financial institutions are not in the business of owning. They are in the business of lending. At this stage, you need to think positively and creatively and avoid the opinion of nay-sayers. And please don't rely only on the opinion of one person.
Other companies charge a fee. We don't charge. The commission and closing is also paid by bank, so no out of pocket for you.
My team specializes in short-sales. Let me know if we could be of help.
Feel free to visit one of my sites below and once there take a look at some of my other sites for additional information on short sales ( look under Useful Links)