More and more people are finding themselves in a position where they can no longer afford their home. Sometimes it is because of a job loss, a divorce or an illness. Then there are other times where it is simply nothing more than the mismanagement of money. No matter what the reason is, if you cannot afford the home, you cannot afford it. The catch 22 situation is this, how can you possibly get out from under the mortgage when the home is not worth what is owed on it?The best thing that you can do besides when the lottery is get a short sale approved for the home. A short sale will allow you to sell the home for less than what is owed on it. Lenders are now using short sales as a way to recover money now rather than later through through the foreclosure process.The benefits to the homeowner to “short sale” the house is that can start to rebuild your life sooner. Your credit report will also show that the mortgage was satisfied instead of a foreclosure mark. Even if you do not intend to purchase another home for a few years, having a foreclosure mark on your credit report can easily prevent you from renting many apartments and homes. This is not a situation you want to find yourself in.The first thing you need to do is to examine your entire financial situation. Are you able to afford the home? If the answer is no, then you need to contact a Realtor and list the house for sale. The Realtor will help you find the realistic home value to put the home on the market. If you have already tried to do a loan modification, and it was not possible for you, you will want to call your lender and ask if they will accept a short sale and then ask them for their “short sale package.”Once you are on the phone with your mortgage company, do not be surprised if you are still asked to make some payments. Any arrangements that you can make and keep with your mortgage company is ideal, even though you are trying to sell it. The goal is to keep your home out of foreclosure so that you can successfully sell it through a short sale.You will be asked a lot of questions regarding what it was that caused you to fall behind. You might also find that you are asked to fill out a worksheet that goes over your income and expenses and they will probably pull your credit report. Another thing to be aware of is that the mortgage company will most likely send out their own appraiser in order to make sure that the numbers you are reporting are accurate. They have to do this to protect their interests.Generally, a mortgage company wants to see your home sit on the market for at least three months. They do this just in case someone does come along and offer a better price for it. As lower offers start to roll in, you and your agent will be responsible for contacting the lender to see if they can approve the offer. If the offer is approved then they will accept less than what is owed for the home.My suggestion is to rather work with real estate investors who will make you an offer, assist you through the short sales process, and do most of the work for you in getting your situation resolved.