This home owner was able to reduce their principal by $132,000.
Of interest, you can see how much a short sale can affect a credit score, dropping 82 and 49 points after the short sale. With the tighter lending practices, a credit score change like that might equal several hundred thousand dollars over a life of a loan due to a higher rate
Credit Report Before
Credit Report Before (2)
Credit Report pulled 06/2009
Credit Impact: What it looks like after a short sale