How easy is it to get a mortgage lender to accept a short sale and to waive the remaining debt?

I have two houses for each of the mortgage (lender). A home has negative equity, and is now a high rate mortgage. Although the bank has refinanced the house for only two years ago, when the loan 80/20, they will not allow me to refinance now. I thought about renting until the market improves, but I can not cover all costs.

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