The answer is ABSOLUTELY! I recently did a short sale on an investment property where my client owns multiple properties (1 with no mortgage), has substantial equity in his primary residence, and over 500k in liquid assets and retirement accounts. His lender was Wells Fargo - he was released from a deficiency did not have to bring any money to closing, and did not sign a promisory note.
This is not always the case and each situation is different. Some of the variables are: Who is the lender and how many mortgages are there? Does the loan have mortgage insurance? Who actually owns the loan (most likely its not the lender)? Why are you requesting a short sale? Is the mortgage current?
On another recent short sale, my sellers had to bring $1500 to closing and sign a promissory note for $5500 (terms were $100 / month payment, interest free). Their lender was PNC Mortgage and they were current on their payments at time of closing. The seller did not have a reduction of income and they were selling house so that they could live in a bigger home. They owed 185k and the home sold for 103k.
If you have any questions regarding short sales or for information please contact me at firstname.lastname@example.org or go to www.pinellascountyshortsales.com , www.pinellascountyshortsalerealtor.com , www.stevecapen.com.