Have you considered selling your home in a "short sale" but didn't want to wreck your credit to do it? Until now, lenders forced homeowners to miss payments before options for short sales would even be discussed. A lot of people, though, didn't want to take the risk of a huge credit "ding."
If so, here's some good news! Now the rules have changed! Nov. 1 marked the date where your Fannie or Freddie backed mortgage does NOT have to be delinquent for your cries for assistance to be heard by your lender. But, to qualify you must also have suffered a hardship (death, divorce, job loss, etc.)
Hopefully, initiaves such as this will help stabalize our community and also help "underwater" homeowners who are in need.
If you need more information about your loan setup or about how short sales work, contact a local realtor.