We can not advise you on whether or not to continue making the payments....................
but in NY, deficiency judgements are allowed.............so you may want to have your agent relist the property to current market value with comps, because
CW will also do their own BPO to see which option will net them the most...............short sale or foreclosure sale......but this way your agent can negotiate the deficiency.
New York Foreclosure Law (Deficiency Judgements)
A deficiency judgment may be obtained when a property in foreclosure is sold at a public sale for less than the loan amount which the underlying mortgage secures. This means that the borrower still owes the lender for the difference between what the property sold for at auction and the amount of the original loan. The Plaintiff must file a motion within 90 days after the property sale auction to enforce this right.