Some people think that the worst that can happen out of a foreclosure is having 7 years of bad credit, but here are some things you may not have known. Have you heard of what is called a "deficiency judgment"? A deficiency judgment is a judgment lien against a debtor whose foreclosure sale did not produce sufficient funds to pay the mortgage in full. This option may or may not be available to the lender, depending on whether they have made a recourse or nonrecourse loan. (Read More.....)
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A Short Sale is one great option for house owners who are left with no options other than foreclosure. They are in a situation where their loan amount is higher than what their home is appraised for. Most often, the homeowner is in a situation where they can no longer pay for their home, because of a job loss, or family problem. In the most common case, the homeowners mortgage is to blame as it resets to an unaffordable amount. 
In 2005 it seemed like there nothing more on tv than a smorgsaborg of realestate flipping shows. Even HGTV and other networks, had programs that featured real estate professionals making piles of money flipping properties at a time when the market was heading down hill. At that time my husband and I were shaking our heads at shows featuring "investors" buying up dozens of properties, turning a profit. So, it came to no surprise to learn that A&E's "Flip This House" made no money, but was a fraud. 
If you haven't heard, the government is offering a 8,000 dollar tax credit to first time home buyers. Many tax payers wonder how the government affords to give away additional money, while others see the gvt acting in desperation of boosting the economy in a creative way. There is nothing new or creative about producing money out of thin air and giving it away, as it is something the government has been doing for years. Though, many buyers are frantically looking to find a home before the due date so they can take advantage of the one and "only" deal of their lives. It is an excellent strategy used to bate and fish property virgins who come to the real estate table with no foreclosure and bankruptcy stains on their credit.