how long does it take to apply?
      Answer1:you have to talk to your mortgage company - no guarantee they will allow it
      Answer2:Hey Richard -This is a tricky subject, but think about this:If you are paying your mortgage every month, what reason does the bank have to accept a short sale?The bank will take a short sale to prevent a home being foreclosed on. They would rather take whatever is negotiated during the short sale than try to recoup their expenses when the house goes to auction.Good luck!PS - oh, yeah, also it can take 4 to 6 months to complete a short sale - FYI