A short sale may be your best alternative if you have financial trouble and a house that will not sell for enough money to pay off all the debts associated with the home, but it is not for everyone. It is not for people who do not have a financial crisis, because they will not qualify with their lender.
You need to evaluate the alternatives. You can let the bank foreclose. You might consider giving the bank a deed in lieu of foreclosure. You can try a loan modification.
A short sale is not an easy process. You have to get the buyers to be patient, as the lenders may take a while to review the offer. One oddity of this process is the real negotiation is done with the bank and lien holders. Normal negotiations in real estate sales are between the buyer and the seller.
For a more detailed discussion on this topic, please go to http://shortsalesr.us/for-sellers/.