Three Must Have Qualifications for a Short Sale:
A seller must meet all three items listed below in order to get qualify for a short sale.
1. Financial Hardship
Mortgage Payment Adjustment
Too much Debt
2. Monthly Shortfall
A simple equation as followed:
Total Monthly Income - Total Monthly Expense = Total Monthly Shorfall
If you can not afford the pay down of your monthly mortgage, then you may qualify for a short sale.
You need to prove to your lender that you owe more than you have in cash; however, you do not
need to be completely broke.