I don't know about you, but if I had a few minor towers for my short sales, I could be rich. In a short sale, the owner owes more on the mortgage than the property is currently worth. With declines in incomes, major layoffs and a stricter credit picture, many people are struggling to make their monthly mortgage payments and many are just giving up.
Another option is the short sale. You can try this on your own, but it is not recommended. The bankers and lenders can be obstinate, procrastinating until the very last minute in hopes of getting a better deal. A lot of possible deals are lost this way and everyone loses. The homeowner loses his home, the banks and lenders lose any possibility of income from the property and are now stuck with it and the community loses another family.
Professional short sale specialists are becoming more prevalent. A search in any good search engine will reveal hundreds in your area. If you need one, do the research to ensure they are legitimate and can do what they claim, and remember the aphorism "If it looks too good to be true, it probably is."
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