We moved from Metro Detroit about 5 years. I'm thinking we wouldn't qualify for a loan modification or short sale because we have savings that would cover the difference. However, I don't really want to spend our savings that way, obviously.
I'm hesitant to call the bank until discussing it with someone else and until dh loses his job, at the very least. They may be more sympathetic at that point, if a bank is capable of being sympathetic.