"A broker may not take net listings unless the principal requires a net listing and the principal appears to be familiar with current market values of real property.

The client called her house was approved for a short sale she owes 215,000 on the house it is worth around 175,000 has not been lived in for a year.  6.5 % interest on the first. 

Plus, the repricing lowers the principal every year if I go 1 year.

Other (like mine) require you a minimum payment that includes principal (mine is 1% of the balance).

The HOA will probably bid on the property as well, if they are owed anything. 

We owe about $400K on our home worth about $700-$750K, so ideally I would like to downsize and get a good chunk of that equity out to use for investments.

Then you could rent one unit out to two individuals, live in one, and rent the other bedroom to a friend.If you can structure a deal correctly you should be able to clear most if not all of your mortgage a month, so you would be living rent free and other people would be paying down your principal!

I'm just getting started out and would like to know how do I find the balance a home owner owes on their mortgage?

The 46k is about what she owes on her mortgage.

I have a joint mortgage with my business partner, with $256,650 owing on the loan, I need to encompass $55000 into a refinance.