not all the short sales are looking for a loan mod

I know someone who is currently walking away from a house that has dropped to half of what they paid for it at the peak (against my advice)

according to them, if they attempt to short sale the property for 2 months, the negative impact to their credit rating will be removed after 2 years

so it may be that some of the short sales are only doing the short sale to mitigate the damage to their credit rating – they don’t really care whether the house sells or not and they aren’t working on a loan mod – they just need to show that they attempted a short sale for 2 months

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can anyone elaborate on the 2 year period? will the walkaway / short sale / foreclosure really drop off the credit report after 2 years?