Need short sale guidance

[Joel Fraser]

Hello, After struggling with our "Money Pit" for 3 years, my family has nothing left to put into our house. We saw our once reasonable payment of $3,000 balloon up to $6,000 at its highest point and come back down to $4,800. We have tried to refinance but there is simply not enough equity left in the home. We have listed the house for sale at $625,000 3 weeks ago and last week we received an offer for $575,000. We owe $476,000 on the first mortgage and $106,000 on the second mortgage. How do we convince the bank to take the offer? Do we only need to convince the second mortgage lender since there is enough money to go through with the first mortgage? We have already found a much cheaper place to rent in our neighborhood so we would really like to move quickly. How can I get this "short-sale" going? Are there examples (templates) of short sale letters. Please help! I really think this is the best solution for our family. This house has been such a home improvement disaster. We are ready to rent and relaxe for a couple of years before jumping back into the real estate market. Thanks, Kelly in MD