Many people I work with have two mortgages. Either a first and a piggyback second, otherwise known as the "eighty twenty" combo, or often a first mortgage and a second home equity line of credit.

You can still do a short sale if you have two mortgages. What you should do depends upon how much you owe on your first mortgage and second mortgage.

If your house is worth less than the total of your first mortgage, that is one situation. For instance, if your first is $200,000 and your second is $100,000, and your house would bring $180,000.

Or, if your first mortgage is well-covered with equity, for example if you owe $200,000 on your first and $100,000 on your second, and your home is worth $250,000. That's another situation.

Then there is the question of whether or not the two mortgages are serviced by the same mortgage company. That makes a big difference as well.

I teach you exactly how to deal with your lenders when you have two mortgages in the above situations. How to deal with them. How to get the best (lowest) appraisal so they don't fight with you. How to get them to say "yes" when you can't even get them to return your calls.