Do you have to be financially destitute to get a short sale approved?

tommyfourth asked:

I can’t make the payments on a second home and it’s not worth what I paid. I have equity in my primary home and I make a good salary, but have lots of other debts. Is a short sale possible or do I need to be totally out of equity and money?
I must add that my outgo is much more than my income at this point. Even though I have equity and a good salary, I feel broke.

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