Did you know if you try to sell your home for less than you owe, just to go buy a property that is a better deal, it is considered mortgage fraud! You can go to jail for mortgage fraud. In order to short sale your home you must have a hardship. What is a hardship? It can mean many different things to different people.
Here is a list of hardships most banks generally agree on:
Mandatory Job Relo
Large Medical Bills
Death to a family member
Damage to property not covered by insurance
Payment increase due to Mortgage adjustment
Tax increase or Insurance increase
This is just a guide line.
Please consult your mortgage company about your unique situation.