Short-sales can preserve your credit but the process for the bank to APPROVE can take months and there is no guarantee that the bank will approve the request. If this is the route you plan on taking, be sure that you can afford to wait 3 or 4 months and keep current with your payments. If you think this may be a problem you need to have a plan B.
For the bank to forgive a loan amount they will require detailed information showing hardship. This process is not intended to be easy and it is quite often emotionally challenging for a homeowner.
In regards to allowing your home to proceed into foreclosure, know that this will hurt your credit and with standards very high and down payments for home much higher than in previous years, it could be worth trying to keep your home even if today it is worth less than when you purchased it. The fact is, for many, buying a home may not be a possibility for a very long time.
In either case, speak to someone you trust in this area before making a decision so that you are fully prepared for all that is involved.
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