Some will NEVER recover back to the point they would have been had they avoided.Even without the bubble, owning a house is generally a poor investment.

Unemployment rate trend - looking for markets that seems to be recovering and would lead to more population coming in.

Lenders want to recover the money that is or was lent out.

All of our condos have been buy and hold with the intent to make positive cash flow and wait until the condos recovered in price.

An alterntive might be to sell the debt to a third-party collector, however, this usually menas you will only recover pennies on the dollar.Good Luck!

@Michael James - I've thought about solar on my properties but for me, it doesn't make sense for the following reasons-1) Long holding period to recover you money....and technology is moving so fast that you're likely going to have to replace the old technology before it's paid for2) My tenants pay the utilities - it's not my issue and at this point, I don't see it as being a marketing advantage3) In some states (like Indiana) they are actually passing laws to repeal credits and compensation to those "feeding the grid" with solar.  

I'm a bit unusual and a contrarian, but I prefer to lever up after a market correction/crash when great deals are more plentiful, let the equity build as the market recovers, and then deleverage when the market is hot.

The 2008 Crash did destroy the value of my Rentals, but, I continue to work my way out of that hole with my remaining properties, which have all recovered and greatly appreciated in value.

The problem I see is that the home prices have recovered, but wages have not.  

I really appreciate in such a short time you have recovered and go back to things that keep you busy.