Are you behind on your payments? It takes a long time for a house to go into foreclosure. You have to be behind for 3-6 months before the bank will start the process. They aren't going to make it easy for you and they shouldn't. You signed a contract with them to pay for the house.
Just because home values are down right now doesn't mean that they will stay that way forever. No one knows if we are at the bottom of the market but many speculate that we are close. You really need to sit tight, pay your mortgage and wait it out like the rest of us.
I understand your frustration because as a Realtor I see everyone's pain and it isn't easy but you need to stop looking at the current value of your home as it is only worth that if you could get someone to buy it at that.
The reason foreclosures are going for less is that they owed less then it was worth. The bank is looked to get back what is owed and people are looking for a bargain.
Be patient and don't be part of the problem. People need to grow up and pay their obligations not look for an easy way out. Foreclosure will effect you for a minimum of 7 years. If you need a new job and they do a background check then you are going to be in trouble as you most likely won't get a job because of the foreclosure.
Good luck.
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