A short sale maybe your best option. It won't hurt your credit rating as much as a foreclosure. A short sale is when you sell your property for "short" of what you owe on it. It is not a "quick" sale. As a matter of fact it takes longer than a normal transaction. A couple of years ago short sales were very, very difficult to get approval from the lien holder or lender. But now most lender's have stream lined their short sale approval process and it isa viable option for those Sellers who are "underwater" or owe more than they call sell their property for. - Sun Dec 5, 2010