Foreclosure.  Not a pretty word, its mere mention can bring on a heavy-duty panic attack. Families dealing with traumatic events:  job loss, illness, divorce and death must know that there is help to be had.

“We sometimes forget that behind every distressed property is a distressed family and we need to use every tool at our disposal to help them through a very personal crisis,” said Dave Liniger, RE/MAX International Chairman and Co-Founder. “The new HAFA (Home Affordable Foreclosure Alternatives) Plan provides tremendous incentives for distressed homeowners and their lenders, which speeds up the Short Sale process, and provides a realistic alternative to foreclosure.”

According to a report released this week by Colorado’s Division of Housing, Boulder

A very good question.  Also known as a “short payoff”, a short sale occurs when the lender allows a home to be sold for less than the existing loan balance.  A short sale can be considered a pre-foreclosure sale, where a cash-strapped homeowner can avoid the stigma of foreclosure and get out from under a mortgage that cannot be paid due to unforeseen financial circumstances, the home’s physical condition or local real estate market conditions.  Nationally, in January 2010, nearly 16% of all sales were short sales. 

Short sales are extremely complex and time-consuming, and are referred to as “long sales” around our office.  A Seller can expect an inordinate amount of paperwork and documentation to be required. Every lender is different, using varying