Legal Question in Real Estate Law in Connecticut

If you owe more on your mortgages then your house is worth, you may want to see if the bank (or banks) would approve a Short Sale where they agree to accept whatever the house brings in a sale as full payment of the mortgage. We may be able to help you with this. Please call 860.236.9350 or 800.856.6400 for further information.

I think a short sale is much better than a foreclosure, assuming the bank forgives all of the difference. Make sure the short sale document is clear and that the bank is willing to forgive the balance owed. You need to get this in writing. If your second mortgage is with a different lender then you need to coordinate both lenders and get agreements for short sale on both otherwise you could be stuck with still paying the second mortgage.