Short refi is a way to lower the principal on your mortgage back to market value.If you have true hardship making your mortgage payments because of a job loss or family hardship or divorce, there is a solution, the short refinance.
An honest company doing these is http://www.mortgagehelphotline.com. But don't wait until it's too late. I have a friend who reduced his mortgage $240,000, and was able to keep his home. The folks care, and they don't charge money to help.
Don't wait til the notice of defaul.
Be pro-active and check in with them now.Call them today.