As I have been writing throughout my articles, the short sale is a great tool and can be used for two purposes. It can help you stay in your home as long as possible or it can help you actually sell the house at a discounted price and avoid foreclosure. To answer the question if the short sale is successful means to clarify your intentions first. If you want to stay in the house, any approved short sale offer is a bad outcome. It is clear to see that depending on your intentions the actions you have to consider are different.
-The first thing to do when opening a short sale process is to find a buyer. No buyer – no short sale. Then you have to sign a purchase contract with him. Usually the price is very low, which does not matter for the first submission. Any reasonable price will do. Do not forget to ask the buyer to provide an approval letter from his lender.
-Prepare the short sale package and submit it (usually by fax). You can check my article about preparing the package. Make sure that you write your loan number on each page (very important). Check in a week to see if all of the documents have been posted on your account. If not, fax everything again.
-In a few months you will receive a call from a real estate broker to perform the BPO (broker price opinion). The result of the BPO will give the lender an idea about the fair market value of the property. The BPO can make or break the deal (whatever it means).
-If you use the short sale as a tool to prolong the foreclosure process, you want the offer to be rejected. Hence the higher the BPO – the less chances of acceptance. On the day of the appointment, make the house look very nice. Point out all of the good features and behave as a proud homeowner.
-If you really want to sell the house, then you want the offer to be accepted. On the day of the appointment do not even make your bed. The saying “the worse, the better” works perfectly in this case. Talk to the real estate broker and explain that it is a short sale and this is your only way out of foreclosure.

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Christmas is the right time for you to get over all your sorrows and look forward for some good times ahead. For most Americans bugged with credit card debt it is a damp Christmas with little cheer. They need to do something immediately to move out of this circle of debt and take quick steps towards becoming debt free. The options available for most credit card owners are either bankruptcy or debt management. The bankruptcy Vs. Debt settlement debate has been very actively followed all over the country. There are proponents for both the camps in the Bankruptcy Vs. Settlement debate. Both have their own set piece logic and reasoning to prove that one is better than the other. Let me tell you, it will depend on your situation. There are a whole lot of factors that will dictate whether bankruptcy is better or debt settlement is a winner.
The Bankruptcy Vs. Debt Settlement will hinge on the following factors
How much is the total debt incurred by you?
Which is the state you live in?
What kind of home do you own?
What are your current assets and future earnings?
What is the extent of protection enjoyed by you under bankruptcy laws?
If you are taking the debt settlement route remember that you have to pay 40 to 50 percent of the outstanding amount over a period of next three to five years. You may get a waiver of almost 60 percent of your net outstanding amount. However the creditors have to be convinced about your ability to repay.

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