Today, as millions of homeowners struggle with what to do when the value of their property becomes less than the mortgage they owe — particularly those recently unemployed or unable to make their monthly payments — there is a growing need for clear, unbiased consumer protection information on these vital topics. Homeowners are encouraged to seek the advice of a trusted pre-foreclosure professional to determine if a short sale is in their best interest, be able to distinguish between their own interests and the interests of lenders, buyers, investors, and real estate-related professionals, and how these different interests may influence their decision. RIS Media’s Top 5 in Real Estate Network has developed a list of questions for homeowners to discuss with their attorneys prior to their pre-foreclosure decision:

1. What are my options as a homeowner when my property is in or heading toward default? What is a better or  more likely outcome for me and why?
   • A short sale or a repayment plan?
   • A short sale or a forbearance plan?
   • A short sale or a loan modification?
   • In the case of an FHA loan, a short sale or a partial claim?
   • A short sale or a short sale/assumption agreement?
   • A short sale or a deed-in-lieu of foreclosure?
   • A short sale or a bankruptcy?
2. How do I know if my property and I may be considered for a short sale?
3. How would I initiate the short sale process?
4. Which process has a more adverse effect on my credit rating: short sale, foreclosure, bankruptcy, or deed-in-lieu of foreclosure?
5. What types of hardships would a lender generally consider favorable toward my appeal for short sale consideration?
6. On average, how long does a short sale process take?
7. What are the tax implications of a short sale?
8. If a lender agrees to the short sale option on my property, can the bank still proceed with a foreclosure?
9. Is there a real estate commission paid in a short sale? If so, who pays it?
10. When is a bankruptcy preferable to a short sale or to a foreclosure?

For more information about short sales and RISMedia’s Top 5 in Real Estate Network ®, please visit www.top5inrealestate.com or contact Member Services at 203-853-2167 ext. 139.

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