short sale, short sale experts If you are looking at a foreclosure, think about contacting short sale experts within the Realtor community. A short sale is where you agree with your lender to sell your home for less than you owe on it, and the bank eats the difference. It's better for everyone involved, because the bank doesn't have to carry your home as a foreclosure and an asset on its books. The last thing the bank needs is another property that it can't sell and and has to assume responsibility for, so if things are looking dim for you with regard to keeping your home, call your lender, and ask for the loss mitigation department. Lots of lenders want to help you get out of your home if you can't afford to keep it, and they will work with Realtor short sale experts to get it sold. The best part of a short sale for you is that it doesn't affect your credit nearly as negatively as a foreclosure will. Your credit report will show that the loan was satisfied, albeit for less than the amount owed, but it's a whole lot better than the big ding your credit report will take if you just walk from the home. So if you can possibly swing it, look at a short sale, call the lender, and find a Realtor who specializes in short sales.