Foreclosure filings and past due mortgages have been trending downward over the last year, inventory is decreasing, interest rates are lower than ever before, and I see the home prices stablizing. My expertise comes mainly on the coast and I definitely see all this happening here. Also, the Obama Administration came up with the HARP program which helps distressed homeowners refinance so they may keep their property. With this program  if the home owner has a reasonable ability to pay their mortgage and even if the home's value has been lost in the downturn, the homw owner is allowed to refinance and stay in their home. These are government backed loans by Fannie Mae and Freddie Mac. This also sets a good example for other banks to follow.

In other cases where the homeowner cannot make the mortgage payment because of lack of employment, illness or other challenges, a short sale should be considered. What is most important in doing a short sale is hiring an agent who has been trained to do them properly. That agent can advise you on what paperwork you may need to gather to so all the necessary information for your agent to represent you and contact your banks, explain the situation and start the proceeding.

It may be the most difficult thing for the homeowner to do, pack up and move out of their home once it is sold, but it also frees them up from the burden of a heafty mortgage payment, the responsiblities of taking care of a home and making it's repairs, and the weight and burden of it all can be lifted off their back allowing them to move forard in their life. I am a Certified Distressed Property Expert and can help you or your friends with their needs regarding saving their home or selling and doing a short sale. Please contact me at MarlaZanelli.com. Thank you!