This website has so much information, I thought it best to link you in...

http://homebuying.about.com/od/4closureshortsales/a/shortsalebasics.htm

 

Don't forget. If you are in financial distress and want to try a Short Sale, I can list and negotiatie with the banks at no cost to you.  Call 845 598 5083 for further information or go to avoidforeclosureinrockland.com