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Help for desperate homeowners may be getting easier to find. Many of the Nation’s largest lenders are streamlining their process to help homeowners avoid foreclosure. In many cases, a homeowner can get out from under their mortgage, minimize the damage to their credit and walk away with no deficiency balance. All at no out of pocket cost to them when they use the right Real Estate Agent. The alternative is a short sale, and in almost all cases, the lender pays all costs and fees including the sales commission.

Experts estimate that as many as four out of ten homeowners owe more on their mortgage than their home is worth. Some of these homeowners can hold on and hope for home values to recover. But many will be unable to wait out their current financial situation and may face the very real possibility of foreclosure.

In many cases, however, there is a better solution than foreclosure. A professionally negotiated short sale may be the answer. In a short sale, the lender agrees to accept an amount less than the balance owed. It may also be possible to get the lender to agree not to pursue any deficiency balance. In other words–when the sale is done, it’s done. The homeowner moves on free and clear. This process can also be significantly less damaging to one’s credit rating than a foreclosure. In many cases, the homeowner may be able to purchase a home again in as little as three years.

If the homeowner lists their home with a Certified Distressed Property Expert (CDPE), they will not have to pay anything for the negotiation. A CDPE has the credentials and training the lenders are looking for, and the expertise to get the transaction negotiated and closed. The process does not cost the homeowner anything but time, paperwork and effort. The lender pays all commissions and fees associated with the sale.

Homeowners must be able to show legitimate financial distress to qualify. The CDPE Real Estate Professional can help them with the paperwork needed to submit to the lender for qualification.

All of the major mortgage lenders in the country have systems and policies set up for processing short sales. They prefer to work with Real Estate Agents, and in most cases will not allow a short sale unless an agent is involved. The number one preferred designation is the CDPE–the Certified Distressed Property Expert. This designation means the Real Estate Professional has been through extensive training and has the systems and expertise to handle the sale.

Source by Sandee G Baker