Banks will accept less than you owe on the mortgage which is what a short sale is.
Banks will put in writing that they will not come after you for the losses refered to as a deficiency judgemeent
Banks will pay all the closing costs in most cases to include any real estate commissions, transfer taxes, hoa/condo fees, attorney / settlement agent fees, liens for taxes and water bills, and other liens on the home for example credit cards, etc (usually lien holders will have to accept a discount).
Banks will often pay relocation assistance to sellers
You Will typically be able to buy another home if you wish in 2 – 3 years from the sale of your short sale home.

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