Legal Question in Real Estate Law in Massachusetts

More information is required to give you a complete answer.

First, you can call your lender and seek a modification of your mortgage (or both if you have two mortgages)

Alternative is to offer the lender a deed in lieu of foreclosure. You give them a deed to the house and move and they save the expense of foreclosure. You walkaway without any debt and they get the house back for less expense than foreclosure. (Need only one lender to be able to do this)

The short sale could be less expensive if the lender is willing to walkaway without you needing to pay the lender anything other than the proceeds.

A short sale or foreclosure may be your only alternatives if you have a second mortgage and the second mortgage is with a different lender.