"The problem is, it depends on the bank, the people the bank has and how many mortgages they have," the attorney said. "These banks, they're so inundated."

If the sales price doesn't measure up to the broker's opinion, the lender may tell the seller that price should be higher. In some cases, [Justin Clark] said, the buyer will agree to pay more, the seller may have to throw in a few thousand dollars or the real-estate agent may agree to cut his commission.

"It's been so long," Clark said. "If it's an investor buying, they'll buy it anyway.... If it's a real buyer, you may lose them because they need a home to live in."

"Looking back, I would say it was a great decision because it would take 20 years, or probably never, to make up the lost value," she said. "It was a house on sinking sand, but I walked away not owing anything on the house."