I own a house in South Florida, and my husband got transferred to NC. We can't sell the house for what we owe because it isn't worth that much. We currently have renters, but the rent isn't covering our mortgage payments. We want to do a short sale, but I don't know what happens to your other assets, For example, my mom just bought us a car becasue we couldn't get approved for a loan because we are "overextended" and we are now paying monthly payments to her. The car is in our name though, and it is considered paid-in-full because of my mom. Can anything happen to this because of a short sale? Also, because of the fact that we have renters, is it even possible to do a short sale? We lived in the house for over two years before moving to NC and putting it on the market.