Yes, the object is to get your lenders to accept less than what they are owed.
Yes, this could mean pennies on the dollar for a second lender (whose other choice is to accept nothing and like it.)
There are many variables at play – how much the bank will accept, what terms the bank may have, how deep the bank will cut into the agents’ commissions, if the bank ever will respond to the offer at all.
But there’s just one absolute …
You will not see a penny from the sale. Never. Ever. The lenders won’t allow it.
There may (or may not, depending on who you ask) be ancillary benefits to your credit (assuming that a massive debt writedown is less damaging than an actual foreclosure.) But there’s monetary gain to selling your home via a short sale.
[tags]Phoenix real estate, short sales[/tags]