It's time to hit the panic button. Option resets and negative amortization loans are taking their toll on California. I'm seeing more and more California short sale phone calls and people buying my Mortgage Relief Formula home study course.

Let's take Sid (all names and identities are changed to protect confidentiality). Sid bought three properties in Florida on a "buy and rent out" scheme. Sid also has properties in California and in fact lives in California.

What Sid has to be aware of is the following facts:

Lenders can come after Sid's assets for their financial losses.

If Sid has no assets, then Sid should protect his credit in any event, through doing short sales.

Short sales will give Sid some breathing room and can let him escape with his credit intact.

Sid also has been living on credit cards and has almost $90,000 in credit card debt. As I said in a radio interview I gave over the weekend, they outlawed debt slavery in the United States and Sid will have to do a settlement with his credit card companies.

Amazingly, Sid's credit was still good until very recently when his renters stopped paying. A short sale can help improve his credit by reducing his debts and in some cases he may be able to get the lenders to remove the derogatory reports.

Watch this video on short sales and good credit

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