There are few things in life that can cause more stress than the thought of losing your home. The vast majority of us go into home ownership with no thoughts of ever having to worry about that. Unfortunately, the economic state of the country has caused a lot of us to do just that. The huge drop in housing values in Las Vegas, NV has put many people in the situation of not being able to afford their mortgage, and there is no hope of selling because the mortgage is way more than the house is now worth. A short sale may be something to look into if you are having this problem.
In a short sale a real estate company works with the lender and negotiates for them to take a lower price than what is owned on the mortgage for the house. If the lender feels they will lose even more money by going through with a foreclosure, they will agree to a short sale. Once a lender takes back a property in a foreclosure there are a lot of expenses they incur for upkeep and reselling the house. Since the house is not worth what the mortgage was, they are not going to get their money all back.
The homeowner gets the advantage of not having a foreclosure on their credit records or on their public records. Often the company that is buying your house will have a clause in the sale stipulating that you do not owe the difference between what they pay and what you owed, letting you leave the house not owing anything on it.
The important thing to remember if you decide to go with a short sale, you will have to move out of your house. This is not a way to stop you having to leave; it is a way to save your credit, and keep you from owing the lender for something that is not worth what you owe.