A little addition to my last post about short sales vs foreclosures
As indicated in the previous post, there needs to be a reason (i.e. “hardship”) that caused your situation to change in a manner that no longer allows you to pay your mortgage. Examples for hardship situations are loss of employment, loss of an income earner in the family, etc.
On top of that you need to be able to document your financial situation. I have put together a package of forms that I require all sellers in short sale situations require to fill out before listing any of their miami beach condos. If you are interested in more details, you can see the short sale forms here