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A short sale means that your current lender(s) allow you to sell your home for less than what is owed on the property because it has come down in value or is over-encumbered. Lenders are accepting more and more short sales today than they have in the past because this housing crisis continues with no immediate end in sight. But similar to a loan modification, a lender does not have to approve a short sale. Just like loan modifications, there are certain guidelines and rules:
Proven financial hardship that is the result of a job loss, pay decrease, illness or rate increase including other reasons for hardship. You will have to prove that you cannot make the current or upcoming rate.


You cannot have other properties or investments with substantial equities. Lenders may ask that you liquidate other properties if it is determined that you have a substantial amount of equity in other properties. In other words, if you have plenty of reserves or assets and equity, you may not qualify for a short sale.


In some cases, the lender may allow your short sale even if you have other assets, but you may be hit hard with other problems with the IRS and the lender coming after you for the difference once your property sells.


There are also other things to consider when thinking of selling your home as a short sale such as:
Recourse and Non-Recourse Loans (what the lender can and can't do to you in California)

The Mortgage Debt Relief Act


Financial Insolvency


All of the above should be discussed with a CPA and Attorney prior to making a decision