I owe more than my home is worth. Am I eligible for short sale or is my only option foreclosure or bankruptcy?

Always consult your lender as to what your options are. They are usually short sale, deed-in-lieu of foreclosure (basically an accelerated voluntary surrender), and foreclosure. The banks like to prevent foreclosure when at all possible. They've even been known to lower people's rates and payments because of all the new defaults in '07 and '08. Either way, your first stop should be to get information from you lender on what options they provide.

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