A short sale is an option for your situation. You MUST find a short sale specialist in your area. It is very important the agent prepars the file in advance to accepting an offer and submitting it to your bank. If you hire an agent that does not fully understand the process it will be a huge mistake. Ask the agent how many short sales they have closed successfully and verify with the acting broker of the real estate office. IF you can successfully close a short sale instead of foreclosure it will be a better solution for your problem. Check with your accountant on the tax implications involved in a short sale.