CLEVELAND -- A lot of people rely on the value of their house to bail them out of some circumstances, such as losing a job, going through a divorce or suddenly taking ill.

However, a tough economy and a flat real estate market may leave you short when the deal is done, reported 5 On Your Side's Adam Shapiro.

At Susan Gray's law office in Rocky River, a lot of the cases these days involve a short sale. And across town at Howard Hanna-Smythe Cramer in Shaker Heights, Realtor Myra White is worried because short sales are on the rise.

People are selling their homes for less than they owe, and in some cases, for less than they are worth.

"We are seeing a lot of people having to bring money to the table. They are doing it, they make the sale happen, but they walk away with nothing," said White.

Even mortgage banker Thom Rankin is closing short sales, which just a few years ago were considered rare.

"It concerns me that we are now seeing this happening, and I have been doing this for 30 years, and I have never seen short sales come as readily as these did," said Rankin.

Short sales indicate trouble with the economy and housing market, because people sell short to unload property they can no longer afford, or to avoid foreclosure.

Nobody keeps statistics on how many short sales close each month, but lender and Realtors say they are increasing at an alarming rate.

"I think it is very difficult for sellers with expensive houses. They haven't seen this since the early 80s," said Gray.

It's also happening to people with less expensive homes, the people who hire Gray to avoid bankruptcy.

"People are basically borrowing up to the absolute equity in their house," said Gray.

This leaves them no room to sell. They can't even cover the closing costs, and wind up selling short.

But Gray said she's had several short sales fail, even deals that were just a few thousand dollars short.

"The bank wouldn't accept it, and a year and a half later, the house was still sitting there vacant," said Gray.

And Rankin worries that this is a trend that will continue down the road.

Forty-three percent of homebuyers last year put no money down on their houses. That means they have little to no equity if they have to sell short, or worse.

"It is easy for someone to walk away from a transaction when they have nothing invested in it at all," said Rankin.