When I attempt a short sale, or just close it rather than al?

I bought my house $ 72 000 in 2004, I now have a total of $ 92,000 w of interest. I asked for a change, and EMC MTG Co. lowered its payments from $ 699 to $ 692 (wow) I have not been paid since May and I was wondering what to do? I want to keep your home, but at a lower pay something around $ 450 – $ 550 inc taxes / ins value of my house is now $ 7000-12000. Why not lower the mortgage, which is the actual value. What can I do?

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