Short Sale may not be the benefit home owner's with falling values are promised.

Taxes are going up, insurance is going up, properties values are dropping, why not take the short sale and let the bank take the loss?  Sound like the answer doesn't it, you walk from the home you either over mortgaged, over paid for, or turned into a credit card with easy home equity loans.  Trouble is, the bank may be in this with you but they are not going to write the check and let you just go on your merry way.  At best they will take the price your buyer offers, subtract your loan and take the loss.  This may be $100,000 or more.  But don't think it is over at this point.  This $100,000 is money you owe the bank.  This is now an unsecured debt but it is still a debt that you owe.  Your options are, convince the bank you are too broke to pay, sign a new note on the new loan to pay the bank the shortfall, file bankruptcy.  Not only is this not a very pretty picture it will get worse.  Your credit will be destroyed, you income could be garnished, you may be forced to liquidate some of your assets to lower the banks loss and when you think you have it all figured out, the IRS can treat the difference between the amount you owed and the amount the bank lost as regular income.  What options do you have?