What I see right now is Realtors submitting deals to the Bank and wanting, on the other hand with a Negotiation company that specializes in Short Sales you stand a better chance at Fixing your debts not just the 1st. lender. Do you have Tax Liens, 2nd Mortgages because I only hear Realtors Talk about the 1st lenders
You missed a big opportunity to negoiate when you didn't try a "short sale". Most lenders today will send you a IRS form 1099 for the amount of loss when they sell the home through a foreclosure sale. A good point for you is that they may not sell the home until next year so the 1099 income will be a year out.
As a "Short Sale" the bank will work with you. You can request they don't send the 1099 (most times they won't) because even though they take loss they don't have all the upkeep, expenses and wasted time trying to contact you as with a foreclosure.
Best of Luck.
Bill Carey, Broker/Realtor
Certified Short Sale Seller Specialists
Bill.Carey@HendersonProperties.com l http://www.HendersonProperties.com