Again, you really should contact an attorney well versed in this. Short sales may have adverse consequences that you are not aware of. Such as defeciency judgements, etc. Make sure it is handled properly. We imagine in the next two to five years, many unsuspecting sellers will be getting notices in the mail when they thought everything was 'wiped out', including some foreclosures that there were 2nd mortgages on, but the 2nd mortgage company did not use their remedy of foreclsoure. So even though it's not on title anymore, there is still a valid promissory note.
Realtor since 1980
(651) 457-HOME (4663)