Once you fall behind your mortgage payments, you would be confronted with certain repercussions. For one, you might be on the verge of losing your home. Other home owners in a difficult position like you are in dire need of rescue on what to do to save their home or at least be free from debt. Your option then is to sell your home. But with the pre-condition of financial hardship, your choices are narrowed down between two - foreclosure or short sales . Either option would do your credit standing some harm. On the other hand, these two processes have distinct attributes per se. Before you can enter either transaction with your lender, it is best to know the real current status of your mortgage. Consult your broker so as you can immediately advance to steps regarding your home. Meanwhile, below are some of the differences between foreclosure and short sale . Carefully take into account their respective details so that you can better understand which one you can opt to go for. Foreclos

A productive cash flow turns the wheels of the condo market - whether you are a buyer or a seller. Most buyers need backing (financing) and sellers need sales . In order to get the best deal, buyers and sellers need to understand the process. Both parties must know how to avoid the pitfalls. 5 Tips for Buyers 1. Financing Comes First Financing issues are responsible for wrecking many deals. Figure out which form of works best for you. Remember that pre-approval is the preferred way to go into a deal. 2. Fannie and Freddie May Not Be Friendly Fannie Mae and Freddie Mac , government-controlled mortgage companies, have their place. As of March 2009, however, they tightened their restrictions on mortgages for condos (new or newly constructed). At present, they will only consider mortgages if 70% of the units have sold or are under contract . 3. Know Your Association As people face financial challenges, many are falling behind on association dues. This delinquency forces co