Short sales, are they doomed to foreclosure domination? Just when short sales were getting easier to do and the CDPE designation was being handed out by the fist-full another curve ball comes in. Does the seller have a sincere hardship? death, unemployment etc. If your house is upside down in value that is not a hardship, unfortunately. It is the way it is, currently. 

I list homes for sale and for lease. I price them correctly, I take great photos. I schmooze the sometimes tenants and I get them to move on, deal with any attorney or management company they have and get it all in writing. I screen the buyers and their lenders and I sent the owners lender every single thing they wanted, sometimes before they even asked for it. I have contacted the HOA after negotiations broke down due to the seller or the managers attitude now and again and pleaded them to offer justice to my client and settle the past due bill even though they sometimes did not deserve it.

The lenders are asking for full or partial repayment instead of allowing the short sale more and more often. There needs to be a way to give a short sale the same terminating effect a foreclosure has if necessary because there will be more and more homes that need to be sold due to speculators dumping them. Many times the second lenders are refusing to settle for a reasonable amount due to cash out refi or purchase money seconds. Or that the borrower can still make the payments but just no longer chooses to? Based on that question, your circumstance the bank is lately, not so quick to forgive you. Perhaps an arbitration board can be assembled and can review the files and demand the lenders perform case by case and force them to cram down and accept the settlements, right now they are blowing good deals apart because no one can force them to do anything. In a foreclosures a person it seems, can just walk away and let the home foreclose and all bets and debts are off. That leaves foreclosures to only the REO agents and the profiteers, not good for anyone but them.

To you homeowners who want to stay in your home and just want to make it affordable, my freind and associate Mr. Kevin Hardin and his team at Mortgage Mediation Group have assembled a program called a HEFI. Home Equity Fractional Interest. Their site is www.equidebtsolutions.com it offers principal mortgage reduction to the homes current value and offers the lender(s) a shared interest in the appreciation in the home. It is a novel concept at a minimal price and seems quite a good solution to a very bad situation that is mounting in many primary homes. Let them know I sent you!