That is correct..the lendor calls the shots..short sale included.My home is worth $180,000 now and 6 years ago was worth $295,000..Like Dwight I too should have sold but needed a place to live and had no forsight that this market would be like this today.Some neighbors in the development have walked away and this has driven prices down,,I am not behind on any debts,have a conventional loan(no fha/va)and am not eligible for any mortgage relief programs.Bank of America told me when I was 90 days delinquent,then call and fill out the paper for a new mortgage..Not going to happen as no gaurantee from Bof A that they would re-finance..So,like Dwight,I will wait it out till the market recovers as I would like to downsize to a condo..I am 68 and need more time to enjoy life and not the yard!!
