John & Sarena Villaescusa
Ultimately it's about showing the bank what they're going to NET, with a buyer's offer & showing them that they will make MORE now, by taking an offer for short sale than if they just let it go to foreclosure.
You CAN get this done, you need a good agent working for you. Not any ole' agent is good at doing short sales. I work with homeowners in Southern California & in Las Vegas, although I live in SoCal. Many of my clients are far away from where I live & then the bank is in Texas or New York, ultimately it doesn't matter where the listing agent is, so long as they're good at negotiating with the banks to get them to approve your deal.
There is a light at the end of the tunnel too, you will qualify to buy again in just 2yrs with an FHA loan & 3.5-5% down, you can get back into the market at the bottom at build your equity back up again!
please let me know if you have any questions.