Two year ago my partner and I were the first in our office to list homes as short sales. The banks were awful to deal with and dragged the process out. As a buyer a short sale can be a great way to buy your dream home and as a seller an opportunity to get out from under a undesirable situation.
Alot has happened since two years ago. Sellers who need to get out from under their mortgages should consider a short sale. Granted it is NOT for everyone. It is an alternative to consider when researching your options on wanting to move on with your life.
As agents listing homes that are short sales, organization and constant communication with the banks is paramount. I am so proud to say we have gotten two approved short sales in the past month in Vallejo CA. Our clients are ecstatic. A short sale process may not be the answer to your concerns, BUT, it is an alternative.
Most important is to gather information so as a distressed homeowner, you can make an informed decision that will best suit their needs.
It is taking it one step at at time, and before you know it, you will know what will be the best solution for your situation. Just remember talk to someone knowledgeable about the short sale process and decide if this is right for you.