Another option that you might want to consider is seller financing.

Bob:

If you possess the resources necessary to close with only a $15,000 loss in Lansing, run, don't walk, to the closing table! According to your posting you don't yet have a sale. Your real estate agent says you need to drop the price of your home $10,000. He really doesn't have the heart to tell you that may have to drop the price much further before a willing buyer appears.

The Lansing real estate market will worsen over the winter. Bet on that $10,000 price drop your agent suggests to be more likely $30,000-$40,000 .

Bob,

"We can't afford" and "I refuse" are two different things.

As Cicely said, the bank will want you to demonstrate your hardship. If you have savings or the ability to repay the debt over time, they might want those things. Call your lender and ask them about your options.

Unfortunately, we are seeing sellers bringing very large sums to the closing table these days. But it is often better to do that now than to wait and see what happens.

Good luck!

A short sale may work for you if you can prove a hardship to the bank. You will need to be very open with your finances and be prepared to give them bank statements, financial statements, tax returns etc. It will make your credit scores go down. It may be better to listen to your agent and bring $ to the closing and be done.