This very timely resource provides a 360-degree view of the current issues facing so many homeowners and offers insights to help consumers best work with their lenders and attorneys to address their own unique circumstances.

The new publication, which will be distributed across the United States and Canada by real estate agents in the Top 5 in Real Estate Network, urges concerned homeowners “to meticulously evaluate all of their options before making a decision; especially a decision that may have both short- and long-range consequences.”

One financial arrangement that has become increasingly common in the marketplace, the “short sale” is an agreement by a lender (or lenders) to accept the sale of a property in which there is a shortage of funds necessary to pay off the outstanding loan balance along with a number of the lender-stipulated criteria being met.

“We recommend that homeowners consider all options when seeking a resolution to mortgage-related financial challenges. The short sale is just one possible outcome that homeowners should evaluate when facing a distressed mortgage situation,” said Allan Dalton, president, Top 5 in Real Estate Network.

It is vital for homeowners to not only seek the advice of a trusted preforeclosure professional, but to also be wary of “preforeclosure predators,” according to Mr Sachs.

“At all costs, homeowners must ensure that they are not exploited or manipulated during this most vulnerable period of homeownership,” he said. “Regrettably, the burgeoning short sale marketplace is attracting hordes of unscrupulous individuals who are seizing any and all opportunities to prey upon beleaguered and unsuspecting homeowners who are not aware of the range of options available to them when experiencing the growing challenge of upside-down homeownership.

“It is imperative that any homeowner seeking 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,” Mr Sachs added. “We have compiled a series of questions that will serve as an important precursor for homeowners to consider and discuss with their attorneys prior to their preforeclosure decision.

Top Ten Questions To Discuss With Your Attorney

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 contact Andy Sachs or Bob Tendler at Andy.Sachs@CBMoves.com or BobTendler@AOL.com, or 203-727-8621.