If you are thinking about doing a short sale–remember that whoever you are writing your monthly mortgage check to is usually just a “loan servicer”, not the actual investor who holds the loan.
The actual investor might be the Fannie Mae, Freddie Mac, Bank of New York, or any of many others! They are the investors making the decisions. So, don’t get mad at the servicer—though I understand they are maddening! If you know who the investor is on the loan, you will be one step ahead.