Any other options beside a short sale or foreclosure if house is worth less than you owe?I live in NY State and want to buy a larger house. Right now, we owe $145K on our house and it's worth only $130K in the market we're in ... due to the plethora of foreclosures here. We have great credit, and I don't want to do a short sale and I'd like to avoid a foreclosure. Do I have any other options? The market in our local community is probably only going to get worse over the next few years b/c the school and town are threatening some mind-boggling tax hikes, which will likely increase foreclosures in the area. Thanks.January 27 2013 - Harrietstown33YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.