With all the news about the economy and soaring gas and commodity prices many people who were already on the brink of financial ruin due to the mortgage meltdown are now facing some serious decisions. In many cases homeowners are trying to decide whether or not to hold on to their homes.

As a veteran of Idaho real estate I have met many people that are to the point of giving up and letting the mortgage lender take their home. If you are facing this dilemma please think twice before you let the home you have worked so hard for go into foreclosure.

A foreclosure will do serious damage to your credit that can last at least 10 years. A short sale on the other hand is a way for you to sell your home and do minimal damage to your credit. The effect a short sale will have on your credit is similar to a credit card company charging off money owed to them. Your credit will be affected but it is nothing compared to the damage a foreclosure can do.

What is a short sale? Simply put, your mortgage lender agrees to discount the balance of money owed to them by a certain percentage so you as a seller can pass the discount to a potential buyer. As a seller this allows you to sell your home for a price below market value and hopefully sell your home faster than the average homes in your market area.

In order for a mortgage lender to approve a short sale you must be behind in your monthly payments at least 2-3 months or more depending on your lender. You also must fill out a short sale application to prove you are unable to make the payments.

It is imperative you work with experienced Realtors and title company officers that know what they are doing. A good team of professionals can make or break a short sale. There are things professionals can do to make sure you are protected after the sale as well.

Make sure and interview these professionals because your financial future is at stake.

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