We get that question often and the answer is, it depends. Each financial situation is different. There are quite a few options that you have (even though it might not feel that way right now.). These options change all the time with different government programs as the government is trying to deal with the difficult economy just was we are.
What you need is someone to sit down with you and sort through the options. Do I have to move? How quickly will they foreclose? Is a short sale a good choice for me? How will each of the choices affect my credit?
While one of our real estate agents is not a financial advisor, we see your situation all of the time. We can be a great resource to you in providing you the information that you need.
It is your decision. You are in control. We are here to provide you with the information to make the right decisions as you move forward.