The current U.S. housing market and financial crisis have caused tremendous stress and heartache for families across America. If you or someone you know is among the millions today affected by the prospect of foreclosure, understand that you are not alone.

Unfortunately, too many homeowners facing foreclosure proceed without the assistance or advice of real estate professionals. Now more than ever, you need to find an advocate for you and your family’s interests, one who is prepared to handle your specific needs.

I am a real estate professional with the Certified Distressed Property Expert (CDPE) Designation and have trained extensively to understand the options, solutions, and effective methods for dealing with homeowners facing hardships. Don’t risk your financial future and the potential sale of your home with an agent who does not have all the solutions.

CDPEs fully understand that saving a home can save a life, which can save a family, which can save a future.

What is a Short Sale?

A short sale can be an excellent solution for homeowners who need to sell, and who owe more on their homes than they are worth. In the past, it was rare for a bank or lender to accept a short sale. Today, however, due to overwhelming market changes, banks and lenders have become much more negotiable when it comes to these transactions. Recent changes in corporate policy and the Obama administration have also improved the chances of getting a short sale approved.

But to be technical, here’s a more official definition:

• A homeowner is ‘short’ when the amount owed on his/her property is higher   than current market value.
• A short sale occurs when a negotiation is entered into with the   homeowner’s mortgage company (or companies) to accept less than the full   balance of the loan at closing. A buyer closes on the property, and the   property is then ‘sold short’ of the total value of the mortgage.

For homeowners to qualify for a short sale, they must fall into all of the following circumstances:

• Financial Hardship – There is a situation causing   you to have trouble affording your mortgage.
• Monthly Income Shortfall – In other words: “You   have more month than money.” A lender will want to see that you cannot afford,   or soon will not be able to afford your mortgage.
• Insolvency – The lender will want to see that you   do not have significant liquid assets that would allow you to pay down your   mortgage.