How can a homeowner get back/buy back the house after shortsale?

[Pat A]

Here is a situation. The house is underwater and the owner is willing to do shortsale or any strategies to stay at the house and have a chance to buy the house back.

Is the above homeowner's wish possible?

To newbie's eyes like mine, it's possible. I'm thinking about shortsale with an option to buy back or rent-to-own. But not sure, may be there is a trap somewhere along the line.

Please advise, thanks