You bought your house during the housing boom and have a mortgage that has already ballooned or is scheduled to. Your house is now worth 1/3 less than what you purchased it for so you are unable to refinance. The job situation is reduced or threatened. What are you going to do?
Do you continue to pour your hard earned dollars into an investment that is plummeting? Or into an asset that you are likely to lose to foreclosure? Or do you consider a short sale?
A short sale is really your best option if you are in this type of situation. It involves working with your lender to get a reasonable price for you property and to get out from under it without a huge credit hit and possible deficiency judgments by your lenders.
As with any financial decision you should always consult a CPA or tax attorney before proceeding to see if it is the right decision for you. Then contact a realtor who is seasoned in the short sale transaction process.
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