A prophet once said, " A smart person learns from their mistakes, but a wise person learns from others mistakes.

As publisher of the largest source of information for Black homeowners I get questions from many homeowners from Maine to California. In looking through these questions I feel many other homeowners and future homeowners could learn from the questions and the answers.

Whenever you have a chance to learn from others mistakes or questions ... Do it! It's the cheapest education you'll ever get in life.

So, I've decided to share the most frequently asked questions I've received in the month of April 2008 from Black homeowners from across the country. With the housing crisis continuing to tighten it's grip on more homeowners it's important for all homeowners to stay informed on this ever-changing housing climate.

As I've often said, the days of simply buying a home and living happily ever after without taking the time to stay informed, educated and up-to-date is gone forever. As a homeowner in the year 2008, either you stay educated or the housing market will educate you. The only risk in allowing the housing market to educate you is it's unforgiving, shows no mercy and it's expensive. Self-education is the way to go.

Here's the most frequently asked questions for April 2008.

1. What's a Short Sale?

A short sale is when a lender accepts less for a property than the amount owed. Short sales are most popular in a slow real estate market. Be sure to consult with a qualified tax consultant for any tax implications for doing a short sale.

2. Does a Short Sale Hurt My Credit?

It's estimated a short sale will affect your credit negatively 200 to 300 points. For example, if your FICO score was700, a short sale will reduce it to a 400 to 500 FICO score.

3. How Long Will it Take Me to Buy Another Home After a Foreclosure?

Normally it could take two to three years of a perfect payment history, before most lenders will feel confident enough to offer you a loan.

4. I Want to Sell My Home But I Don't Have Money to Fix Much Needed Repairs. Any Suggestions?

To get top dollar or even sell your property in this slow real estate market it's a must to have your home in good repair. If your home is not in good repair ... prepare to offer a deep discount and other perks.

5. What's A Reverse Mortgage?

With a "reverse" mortgage, you receive money from a lender and don't have to pay it back for as long as you live in your home. However, the loan requires repayment when you die, sell your home, or no longer live there as your principal home.

Reverse mortgages help homeowners who are house-rich (lots of equity) but cash-poor stay in their homes and still meet their monthly expenses.

6. Who Qualifies for a Reverse Mortgage?

To qualify for a reverse mortgage, you must be at least 62 and live in your home. The money from a reverse mortgage is tax-free, and most reverse mortgages have no income limits.

7. Can I Get a Reverse Mortgage if My home is in Foreclosure?

You can get a reverse mortgage if you're in foreclosure. But your home must have equity and it must be your primary residence, not a rental, investment property or vacation home.

These are the top seven questions I've received this month from homeowners. As you can tell, the questions reflect the serious condition of the housing market and what concerns more and more homeowners, and that is a homes affordability.

As a homeowner one of the keys to finding a solution, if you think you're in trouble is to take action and seek help sooner rather than later. With so many banks and counseling agencies overwhelmed now, you could be waiting in line for days or weeks before seeing or talking to a counselor.

Meanwhile you'll have to take it upon yourself to reach out and seek the people and organizations who can help you with information and guidance . I invite your questions and comments.

More info on your stop foreclosure information search:

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