If you are current on your mortgage, though feel you will not be for long, then you really have to be pro-active on the entire situation. If you Lender tells you that they can not help you if you are current on your loan and suggests that you miss a payment. Contact an attorney....because that is bad advise and will ruin your credit score, which they now use for utilities, cell phones, vehicle insurance and much more. I feel for all that are in that situation and if you do need to sell, then choose a RealtorÂ® that is experienced in Short Sales. I wish the very best for you and I hope that your situation gets better.
Your situation is not uncommon. When a home is sold and the proceeds will not cover the mortgage payoff and closing costs, it is termed a "short sale". Short sales need to be approved by the lender if you are going to ask them to accept less than the payoff amount for the mortgage.
The problem is that many people are in your situation, so in most cases only those that have a compelling reason may be granted a discount on the mortgage. People that have had a death in the family, divorce, perhaps medical bills, would be examples of reasons why a short sale might be granted.
People that simply want the lender (and the investor who actually bought the loan) to take a big write-off are probably in for a rude awakening. The other problem is that there are credit consequences, so if you want to qualify for a new loan, a short sale is probably not going to help.
However, there are options. I recommend talking with a Realtor and developing your options, with pros and cons. For example, some lenders might be willing to let you make payments on the shortage (using a promissory note, for example).
The best thing to do is obtain competent advice from professionals, including your CPA, so you understand the choices and their consequences. Do not go into this with rose-colored glasses.
the second option would most likely NOT be okay with a buyer because if you the prior owner for some reason do not make payments, they could lose the house regardless of making payments to you, thus wouldnt really work.
Thus at this time in this market, the only real option is pay off the liens as due and then sell for what you can.