Being a homeowner is the American dream. But there are times when it can be a nightmare. If, for example, your house is foreclosed or you are involved in a negative amortization loan where the longer you pay, the more you owe. And there are also more nightmare scenarios. You may, for example, have multiple loans or two mortgages, owe more than the house is worth, or you simply can’t afford to make the mortgage payments. You come to the conclusion, regardless of which scenario you’re living, that you need to get out from under. One alternative is to do a short sale.

Short sales are when you sell your property for a lower price than what you owe. But in order to do it, the lender or lenders must agree to it. It is a good alternative because it allows you to preserve decent credit.

Short sales can be handled by a real estate agent. But many in the know say that this is not a good idea. Many real estate agents prefer to sell the house closer to its true value rather than offer it for a lower price with a better chance of selling it quickly.

Believe it or not, you can sell your home in a short sale in just nine days. And you can do it yourself. However, since you don’t know all the ins-and-outs of what a short sale is, those in the know say that you should trust a specialist to do the short sale for you.

You or a specialist will need to convince your lender to approve the short sale. To do this you or the specialist will need to create a “package” which includes a hardship letter, which explains why the short sale is necessary; proof of your financial situation; the offer that you received; a brokers opinion on the price of the property to show that the offer is not exceptionally low; and pictures and information on the property including work that may have been done to fix the house up.

Whether you hire a specialist or you do the short sale yourself, you need to know more of what a short sale is. You can find out more by getting the Mortgage Relief Formula. In short, this describes the ins-and-outs of a short sale.

And watch this video on short sales and foreclosures. This is a screen shot — just type in your email and I'll get you to the real video. Thank you.