For all the homeowners with mortgages owing far more on their homes than the market allows (upside down) and cannot make their payments because of being fired from work, forced from employment, business failure, marriage failure, or an option mortgage that has gone out of sight monthly, until this past year the only alternative was to allow the bank to take the house back or foreclose.

Not a favorable option in that a foreclosure stigmatizes your credit worthiness for about a decade. A Short Sale is becoming popularized to relieve those who are struggling with their mortgages.

This is a situation with a major difference and credit implication: If your lender should okay a short sale, you then list your home with a REALTOR and sell your home for less than what is owed, and with the bank’s permission, they will assume the loss. Check with your attorney or financial professional before attempting such a move.