There is no guarantee that a bank will approve a short sale, but according to realtors who specialize in short sales having a financial hardship makes a difference with the lenders.

FORBES: Extension of Mortgage Debt Relief and Debt Cancellation: Options If Your Mortgage Is Still Underwater

There is no carry to worry about as the longs and short are financed by the sale of more volatile and pricey options.

FORBES: Optional Opportunity