A short sale can be an excellent solution for homeowners who need to sell.
Due to overwhelming market changes, banks and lenders have become much more negotiable when it comes to a Short Sale. Recent changes in the economy have even gotten the government involved, to assist lenders of homes.

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

Financial Hardship – You will need to prove a situation, causing you money problems, such as, divorce, loss of job, health issues, etc. to qualify for a
short sale.

Monthly Income Shortfall –You will need to prove to the lender that you cannot afford your mortgage to qualify for a short sale.

Insolvency – You will need to prove tot he lenders, that you have no significant liquid assets that would allow you to pay your mortgage to qualify for a
short sale.

It is wise to contact a financial advisor or a Real Estate Attorney and go over your options regarding a short sale.

If you have received a notice of default, time is of the essence to consider your options, and quite possibly a short slate.

There are options to foreclosure, and there are upside down options as well.
Usually a short sale is your best bet.

Most people are approached by Vultures who will say an do anything to take possession of your house while you are still responsible for it as well as the loans. Before you sign away your deed to anyone, contact YOUR OWN ATTORNEY (as they always seem to have a Real Estate Attorney you can talk
to, that works for them, and does not have your best interest at heart) to
assist you in putting your self in a much worse situation.

There are many short sale myths. It would be wise to know the truth about short sales.

AVOID THE SCAMS!
IT MAY BE WISE TO STAY CLEAR FROM ANYONE WHO CLAIMS THEY ARE AN INVESTOR, OR REPRESENTS AN INVESTOR, WITH FALSE PROMISES OF GETTING YOU OUT OF THIS SITUATION.

Just keep asking yourself...
What's in it for them?
What's in it for me?
Am I still responsible for my loans? YES!
Why does an investor ask me to sign a power of attorney?
Why does an investor want my deed?
Why would an investor want to deed my property to an LLC, aka Limited Liabilities Co.?
What happens when they fail?
What will they do with my property?
What recourse will I have when something goes wrong?
Will they rent my property?
Why would investors be knocking on my door if it were not for some huge financial gain?
Why don't these investors simply go out and buy foreclosures?
Are investors licensed by the State of California?
Does the State of California fingerprint and background check investors?
Does the State of California offer you any protection against these investors?
What kind of business must investors have if they need to have a Real Estate Attorney on speed dial?

Consider your upside down options and consult your own Real Estate Attorney and Financial Advisors.

When you have answered these questions, you will obviously know, on many occasions, investors are trying to SCAM YOU! Investors make sure they control everything with your property so that they don't make a fair sale. You may end up on the hook for the difference years down the road.

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