You can sell your home where the loan secured by your property is more than what the property's fair market value if the lender is willing to take less on being paid the full amount of the secured loan. Your situation is that would be called a "short sale"."Short sales" are challenging and are very frequent in this country presently. The hang up in getting a "short sale" transaction closed is for the lender on the loan secured by the property being sold to sign a "short sale" addendum for the sales price agreed to by the seller and buyer where the lender takes less out of escrow on the amount of its secured loan.