Certified distressed property experts, Karen Melillo and Anastasia Satras, of Sedona Realty, have made it their mission to inform worried homeowners of the options available. To that end, Melillo and Satras have created an information website.

The website covers all of the options available to homeowners facing foreclosure or who fear they soon will. The site explains in detail how a “short sale” works to avoid foreclosure and possibly loss of credit.

For some homeowners facing foreclosure, a short sale could be the lifeline that saves their credit and, perhaps, their self-esteem.

The website explains that a short sale might avoid foreclosure when a homeowner owes more on the property than it is currently worth (commonly referred to as being upside down). This typically requires that the homeowner has a qualifying hardship instead of simply wanting to get out of the property and buy another at a lower price. Acceptable hardships include, but are not limited to, mortgage payment increase, job loss, divorce, excessive debt, and forced or unplanned relocation.

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