Talk to a seasoned and experienced realtor, such as one with a CDPE designation (Cenrtified Distressed Property Expert) who can help guide you or help you understand the ramifications of a short sale versus a foreclosure.
Wishing you good luck on your decision-making
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
Boy would that solve a lot of problems for today's homeowners but in doing so would put banks in a position to pay more for the property than it's worth. Banks are not in the business of buying homes....their purpose is to loan other's money for the purpose of ownership.