Many properties are currently for sale on “Short Sales” which means the owner of the property owes more than their home is worth, so they ask the bank to help them liquidate the property and share in some of the loss to avoid foreclosure. The banks have been willing to do short sales under many conditions. What is required for a short sale is for the homeowner to hire a Realtors, turn in a full financial package, get an offer on the home and then submit the entire package to their bank for short sale approval. Some banks are approving them with no deficiency balance owed, others are requiring some up front cash payments or promissory notes to be signed for part of the deficiency balance. Contact me for more information on your particular situation. I am certified as a Short Sale and foreclosure resource.