A short sale can get you out of your crushing mortgage obligation.

You can even buy another house with little or no money down and bad credit. With no bank qualifying. But that's another story. Right now I want to focus on the system that lets you sell your house, do a short sale, and get out from under even if you owe more than your house is worth.

If you sell your house and you owe more than it is worth you have two choices. One is to pay your own money to make up the loss. So if the buyer pays $180,000 and your mortgage is for $250,000, you have to pay in $70,000 cash at closing.

Many people do not have that kind of cash.

So the only other option that is the least bit appealing is a mortgage short sale. A short sale involves lender cooperation. They agree to accept the buyer's full proceeds as payment in full for your mortgage. They let you out of your mortgage and allow the new buyer to step in and buy your house. You are out of the picture and you didn't put any cash in.

The lender may still decide to come after you later, to pay them for their financial loss. You can negotiate this, sometimes, during the short sale process.

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The lender may also report you as a deadbeat to the credit agencies. Or not. You can negotiate this too, sometimes, during the short sale.

The key element though is that you are helping your lender get out of a big problem. You see, their problem is having a non-performing mortgage loan and they do not want your house back. Your problem is their problem. So you can make things a lot better if you will sell your house and get the lender to accept the short sale. The lender loses money.

But not nearly as much money as they lose if they get your house back. That could cost them tens of thousands of dollars. They are not that great at holding on to your house. They have to pay for fixing it up because they can't sell a house in any condition. And they have to hold onto it while it sits on the market. Lenders typically only recover $0.68 per $1 of value on a foreclosure house if they take it back.

So why not do a short sale instead?

I have learned of the system that lets you sell your house in nine days, with no fix-up, in any market. Because it is a short sale, the lender expects to get clobbered. They will let you sell your house for 75% - 85% of market value. And the market value is the real market value today, not the one six months or twelve months ago.

You aren't getting any of the proceeds yourself. So all you care about is exposing your house to the market and letting the market decide what your house is worth. As long as you can demonstrate to the lender that the buyer is paying a fair price today (a price that can be substantially below market value), you can get the lender to say "yes" to a short sale.