Debt relief is not as simple as it seems. Consider, for example, what happens when mortgage lenders give struggling borrowers the go-ahead on a short sale.

Short sales can happen when your house is “underwater,” meaning you owe the lender more than the house is currently worth. A short sale seems to offer a painless way out of the deal.

Say your real estate agent presents a contract from someone willing to buy the house for $50,000 less than the mortgage balance. Your lender — after months of delay — approves the sale at that price, and now you can hardly wait until settlement so you will be relieved of that mortgage debt.

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