Good News!  Lenders have finally hired enough people to handle the onslaught of short sales (selling your property for less than what is owed to the bank).  It is possible to get a lender to respond in a timely fashion now...that being a couple months as opposed to the 6-10 months it used to take.  Financial hardship forcing one to sell on a short sale is frustrating and stressful...but it's a slightly better option than getting foreclosed.  A short sale damages your credit score about 100 points and prevents obtaining a new mortgage loan for a couple years, whereas a foreclosure either voluntary (deed in lieu of foreclosure) or involuntary will ding credit about 200 points and prevents you from getting a mortgage loan for 8 years or more.

Short sales are a large part of our business and we are effective at getting them done.  If you know someone who is having a problem making their mortgage payments have them get advice on their options before they run out of time.  One can recover in a couple years after selling short, but it's difficult to ever recover after a foreclosure.  Yet, 2/3rds of homeowners experiencing foreclosure never consulted a Realtor, attorney or tax advisor.        

For additional information on short sales or foreclosures give me a call.