Hi Sherrie, Your first consideration should be whether or not you want to try to keep the property. If you do, you should contact your lender for mortgage modification. You can usually find forms to fill out on their website. If you don't want to keep the property and pursue a short sale, you should list it with a local realtor who will then negotiate the sale with your lender. The short sale process really starts when you have a listing agreement, a contract to purchase and all your financial information submitted to the lender. The lender then decides if it will accept the price offered or wants to negotiate the price. The process is more complex when there is more than 1 lender and/or loan. If you would like any more information or current prices on the homes in your area, please let me know and I will be happy to get that for you.
Judy Weber, Realtor