If you are like many people and have been hit hard by this economy, you may be considering short selling your home or selling your home for less than what you owe on it.  Before proceeding with this, it is very important that you consult with an attorney.  

An attorney will carefully review the terms in your mortgage and let you know the feasibility of a short sale. Ultimately, if you decide to try a short sale, you will need a good attorney.  A short sale may be the best option for you to try and salvage your credit and prevent foreclosure, however sometimes even if a lender approves a short sale, it does not necessarily mean that the rest of the debt is forgiven.  They may still require you to sign a promissory note to repay the rest of the loan amount.  Your attorney can help guide you through these murky waters.

If you decide to go through with a short sale, be prepared with every financial statement as if you were purchasing a home and more.  The lender will probably want to see your income tax statements down to your credit card statements. 

The Florida Housing Finance Corporation provides more information on Foreclosure Prevention.