This is an article written for her local chamber of commerce by one of our great students.

Lanny Dandenberg.

Great Job Lanny !!!!!!!!




[FONT=FranklinGothic-Heavy]Avoiding Foreclosure with a Short Sale
[/FONT]

[FONT=Times-Italic][LEFT]In a recent radio broadcast, Pulitzer-prizewinning
business columnist Gretchen
Morgensen stated regarding the current
mortgage crisis, "We are in the eye of the
storm." She believes problems will come to
the forefront in 2008 and referred to the
situation as a "slow motion train wreck."[/LEFT]
[/FONT][FONT=Times-Roman][SIZE=1][LEFT]Many who are missing their mortgage
payments due to extenuating circumstances
do not realize that their lender does not want
to foreclose. Foreclosure is not an event, but
a process which takes approximately 211
days in California. This lengthy process is
likely to cost the lender as much as $60,000.
in addition to monies lost when the home is
sold for less than is owed to the lender.
During the process, the homeowner receives
a Notice of Default, which is made a public
record. In most cases, a series of prerecorded
collection calls and letters to the
homeowner will follow.
As we see more and more homeowners
begin to default on their mortgages, many
will be seeking alternatives to Foreclosure.
(The homeowner may get cards and letters
from companies offering to re-finance his or
her home. However, in order to successfully
re-finance, it requires that a home appraise at
a price that shows some equity. In an
adjusting or declining market, it is
uncommon for a seller-particularly those
who are in default on their mortgage
payments to be able to show enough equity
to refinance.)
When mortgage debt exceeds a home