For legal reasons I will refrain from answering this question. However, I suggest that you have a full consultation with an attorney, tax professional that understands short sales, & Realtor that specializes in short sales. It is very important that you know your options.
Visit http://www.athomewithtyra.com and select "Short Sales" on the left hand side. There you will
find frequently asked questions about short sales.
If you would like to set up a no obligation consultation, we'd be happy to schedule your appointment.
There are many things that will help to determine if you qualify for a short sale and if it is the best option for you.
We wish you the best.
Tyra N. General
Tyra General & Associates of Keller Williams Preferred Properties is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit rating.
If you would like to meet and discuss my own depth of experiences with Short Sales (In reality, each Lender is different and there isn't really a "One Size Fits All" solution), I'd be happy to meet with you on a no-cost basis and discuss your specific situation.
Hope you find the success you seek...