Follow are helpful links to check out for information if you're considering a short sale or a foreclosure:

Colorado Foreclosure Law: http://www.foreclosurelaw.org/

Another great site is from the U.S. Department of Housing and Urban Development website: http://portal.hud.gov/portal/page/portal/HUD/topics/avoiding_foreclosure

Making Home Affordable: http://www.makinghomeaffordable.gov/

If you are considering a short sale or foreclosure, please contact me and let's see if you can sell your home before it goes to foreclosure so that a foreclosure won't go on your credit record.  I don't know all the answers and I can't re-negotiate your loan but I can give the information I know about short sales and foreclosures.