If you are considering a Short Sale to get out of your home... You will need to prove an actual hardship to the banks. Loss of wages, Divorce, Separation, Health, etc, etc. You will need to get on it soon because the mortgage tax forgiveness law is set to expire on Dec 31st 2013.
In fact, I just read the date of the post. I am assuming that the decision was made a long time age. Please feel free to inform us of what you chose to do and how it worked out for you.
Recently, Aug 15th 2013 FHA changed its guidelines for purchasing a home 1 year after having done a short sale. Call me for the details. There are stipulations to qualifying.
All the best,
Coldwell Banker Star Realty
DRE Lic #01456982