They consider your ability to pay (income, debt-to-income ratio, savings), the value of the home, what they think they could get for it in foreclosure, loan-to-value ratio, and a whole host of other factors. It can't hurt to try to sell the property for whatever price you can get... the worst that can happen is you go through a bit of hassle and the bank won't agree to it.
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I think that its only a matter of time before you are in default on your mortgage. Whether by choice or circumstrances, you are not going to stay current on this mortgage.
That being said, there are few options. Short sale is one, deed in lieu is another, and foreclosure is the final solution. Most lenders will take the same applicaiton from you for consideration of both short sale and deed in lieu. Your lender will tell you the requirements. Many require the home to be listed for sale for 90 days. Usually the mortgage is in default when the short sale and deed in lieu are requested.
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