Every day, I look at the pre-foreclosure list on Staten Island (lis pendens), and I can honestly say that the majority of these homes either never enter the market or, if they do enter the market, they don't sell at all. It has come to my understanding that many homeowners never do anything about their situation. In all honestly, I can see why; it's a combination of many factors: uncertainty of their financial situation, anxiety, failure, and embarrassment all factor into the lack of seeking help. Now is as good a time as any to review the basics of a short sale.
What is a short sale?
When a homeowner can no longer afford to continually pay their mortgage, they have more options than having their property foreclosed. One of those options is a…