There is a possibility. However, it really depends on the details of your specific situation, etc.
However, I suggest that you have a full consultation with an attorney, tax professional, & Realtor that specializes in short sales. It is very important that you know your options.
In the meantime, feel free to 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 to get answers to your specific questions, we'd be happy to schedule your appointment.
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.