Therese, you are right! it would be a dumb move.
The Bank will not consider your need for a pool to be a hardship, so you have no chance of getting your bank to forgive your debt.
An investor or homeowner who made an unlucky investment, can't expect relief from a short sale
The article linked below tells you a little about the patience and risk tolerance required from a seller and a buyer in a short sale situation. My opinion of short sales for buyers? High Risk, Low Reward.
To sum up the article. 1. Buyer waits a long time for the bank to anything. 2. Buyer has to sign banks counteroffer that is full of anti-consumer clauses. 3. Buyer has to pay nearly full market value. (discount, if any is much tinier than you think it will be) 4. Bank can cancel the sale at any time up until close of escrow, with no consequence to the bank and no compensation to the buyer
In my not so humble opinion ( imnsho,) ) The reasons why the failure is above 80% are:
1. Many sellers don't qualify, they think that being upside down and hating it is enough.
You must also be undergoing hardship not of your own making. such as illness, unemployment or natural disaster. Stovall gives a few other reasons. Wanting a pool and a one story house is no
2. Prospective buyers think that these are bargains, so very few buyers offer close to full market value. The banks will not approve sales at huge discounts, tiny discounts: yes.
3. The wait, 4. the paperwork, the wait 5. the anti-buyer addenda, the long wait 6. the uncertainty of the sale, still waiting 7. the perception, if not a reality, of bad faith dealing by the bank loss mitigation managers.
.I linked below to an article in Broker Agent News by Steve Stovall. He gives a pretty good description of the short sale process, seller, property, paperwork, and buyer requirements