Seek legal counsel regarding your specific situation and contact an experienced short sale agent, like myself, in your area.
Discuss your finances with your Realtor prior to listing your home in a short sale situation. Short sales are a lot of work for everyone involved, including the Seller, but it may very well be worth your efforts. At the end of the day you know what you can afford and what is right.
Licensed Real Estate Agent
Century Homes Realty Group llc
Direct Line: 347-932-0609
Let me know if you need help finding a real estate agent in your area to help you.
The person who initiates the Short Sale is the person on the loan. If that is you, then you should hire a Realtor in your area to assist you. You will need to prove financial hardship to your lender(s) before they will even consider approving a Short Sale for you.