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SAN DIEGO, Feb. 3, 2012 /PRNewswire/ -- Indicating most homeowners awaiting loan modification approval and contemplating short sale or foreclosure are not aware of all consequences with regard to their ...

Here's what cash-strapped homeowners need to know about the short-sale process and the consequences of these sales.

Realtor Gia Arvin said the first time she helped a client with a short sale through Wells Fargo Bank, it took 7½ months to complete.

Ann and her husband decided to accept the new terms of a loan their bank came up with the night before closing on their $193,000 home in northwest Gainesville.

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