7 choices for underwater condo owner

She could try to persuade the lender to allow a short sale.

In a short sale, the owner sells the home for less than the mortgage balance, and the lender agrees to accept a loan payoff for less than the full amount. Lenders are reluctant to do this, and they especially are reluctant when the borrower can't demonstrate hardship. Huss doesn't fit into the hardship category.

"It seems more that she feels stuck and would really rather not make the two house payments," Drewes says. "For someone in her situation, she shouldn't be surprised if a lender is not willing to consider a short sale, but it could be worth a shot."

It's possible that the lender might be more willing to consider a short sale if Huss can kick in some money -- "sort of a reversal of the cash-for-keys concept," Drewes says.