Short Sale could be the best option for you. You list and sell the house for the current fair market value and walk away with no money, but a fresh start. At least, that's what will happen if you list the house with an agent who is experienced in handling successful short sales.
The truth is, your lender can also come back to you for a deficiency in a short sale. It's one of those details that must be negotiated with the asset manager and the lender before you sign the closing papers.
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