The HAFA program is rolling out in just a few days. This is supposed to streamline the process of a short sale for homeowners who aren't able to modify their mortgages. There are specific requirements, such as the home being your primary residence, listing your home with a REALTOR, and the ability to get your sale pre-authorized by your lender. There are provisions for second lien holders, as well as lenders agreeing to not only release the lien on your home, but also agree not to pursue a deficiency judgement in the future. For more information on this program, follow this link:
http://www.realtor.org/government_affairs/short_sales_hafa . Remember, Campbell Realty is an experienced, trusted firm that can help you find the information you need to make an informed decision about where to go from here.