A few questions first:

How much do you owe on the property? If you owe to the bank more than what your house is worth. .then you are underwater. .meaning that you can't sell your home unless you bring a lot of cash to the closing table. You may qualify for a short sale. . that is if you don't have the cash.

Does anyone else have a legal ownership interest in the property?  Everyone on the title must agree to a short sale. . very sticky if you are getting a divorce. All person on the title have to agree to sign for a short sale consideration

How far behind on your mortgage payments are you? If you are current on all your mortgage payments, the lender isn't going to be likely to agree to a short sale if there is no hardship. . by the way. A Hardship is a requirement to be considered for a short sale.

How many loans or lines of credit do you have against this property? If there are more than two liens against the property you may be in trouble. Most of the time a borrower will have two liens. .  The second lien holder will always get  the leftovers if any after paying the first thrust.. .if you have a third lien on your home. . it will be tough to get all of them to accept a short sale.

Are you considering filing for bankruptcy? If you are thinking in filing for a bankruptcy. .a short sale is not for you.

A short sale is almost like a A BAILOUT for HOMEOWNERS