A short sale can enable an “upside down” house to be sold with no cost to the seller. The lender usually forgives all the shortfall. Sellers sometimes think if it’s too good to be true then it can’t be true. Is it legit? YES! Why would the bank forgive tens of thousands of dollars? Many articles have been published illustrating that save 13% to 26% in a short sale compared to a foreclosure. It is very costly and risky for the banks to foreclose on a house. They do not want to own and operate houses, they want to settle and recover cash, not get the keys to a house that they have to dump cheap anyway. There are many cases that the banks lose even more in a foreclosure. Houses are prone to vandalism, mold, water damage, city liens and fines and a variety of other maladies that diminish th... 10/28/2010

One of the most common questions I'm asked by distressed homeowners is "How long does the short sale take?" The real question behind the question is "When do I have to move?" At first I was apologetic that short sales routinely take three to six months or longer, thinking that the homeowner wants to have this stress out of their life as soon as possible. Much to my surprise, most sellers were extremely relieved or even happy that; (a)    They don't have to pack up and move immediately (b)   They have time to save up some cash toward their moving expenses or to apply to whatever overwhelming life event caused them to fall behind on their payments in the first place. So, interestingly enough, the bank's inefficient processing of short sales often provides a vital benefit to distressed hom... 03/03/2010

What to Do With an Inheritance According to the AARP, the median amount of today's inheritance is about $64,000. While that won't provide financial security for life, it is a lot of money and, therefore, requires careful planning before deciding what to do with it. The following tips can help you manage an inheritance. Step One...Do Nothing: Remember, you've just lost a loved one, you're receiving a sizable chunk of money, and your judgment may be clouded by emotion. Rather than make a decision you'll regret later, put the inheritance in a money market or savings account to keep it safe while you take time to make a plan. Check the Tax Laws: Some inheritances are tax free, but some are subject to federal and state taxes. So, diligently record what you inherited and when...and check the... 02/03/2010