Before considering a short sale, talk with an experienced realtor, that will provide you a Comparative Market Analysis (CMA) for your condo.
You'd be surprised at what has happened to the market in the last 90 days.
Interview several realtors to get their thoughts, and pick the one that you feel most comfortable working with.
RealtorÂ®, Certified HAFA Specialist (CHS)
Coldwell Banker Residential
Tel. (310) 463-8088 http://www.douglaslagos.com
You have to get the Bank to agree to the Short Sale first.
The problem if you do a Short Sale is your credit will be shot for a 3 years and you will have a hard time getting a loan
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Richard is right, you can probably do a short sale. You can more than likely qualify for a loan, while the condo is being sold. I would start the process right away. Here is a link to the available homes in the area: http://www.mrmlsmatrix.com/DE.asp?k=1571706X3V5F&p=DE-12
I have a lender I can refer you to, if you don't want to use the same lender that helped you purchase the condo, originally.
Also, there are more homes available in Monterey Park and Alhambra, etc. If you want me to email other listings to you, let me know.