The topic of foreclosure is not an embarrassing secret to be whispered about any longer, nor is the topic of a short sale.  Falling behind on mortgage payments happens to people from every economic level, from celebrity status, such as Nicholas Cage, who lost two homes in New Orleans to foreclosure, to the man in the street who for whatever reason falls behind on payments.  Nicholas Cage's two homes were appraised at $6.8 million and sold for $5.6 million.

Whether it is loss of a job, death in the family, or mismanaged funds, foreclosure can be a fact of life to everyone.  One way to avoid a foreclosure, that can be financially devastating for most people, is to go through a short sale.  This can allow the homeowner to get out from under the debt of a home that has a mortgage that is more than the home is worth and the bank may forgive the balance due.  To learn more about short sales, click on this link.

Remember, foreclosure is not the end of the world and can be avoided as long as the homeowner seeks and receives credible counseling.  Whether you are a celebrity or not and are behind on your mortgage payments, a short sale is one option to avoid foreclosure.