For some time now, the media has been bombarding us with stories of mortgage 'crisis', rampant foreclosures, and sub-prime banking woes.  The Nashville Business Journal featured a front page article ( about short sales and how they can be a solution for people facing foreclosure.

Unfortunately, many people have gotten in over their heads on their mortgages, and foreclosures have spiked to an all-time high across the country.  Here in Rutherford County, our real estate market has seen more than its share of mortgage defaults. 

So, if you're behind on your mortgage, what should you do?  First off, the worst thing you can do is nothing.  This is one problem where ignoring it only makes it much worse.  The best thing you can do is to arm yourself with as much information about the foreclosure process as possible.  Get with an attorney or Realtor who is knowledgeable in this area.  On the Jones Team, Joe Hafner (Learn more about him here:, our Operations Manager, has extensive experience working with people in foreclosure; helping them to get out from under their mortgage and save their credit from total destruction. He recently became Middle Tennessee's first and only CDPE (Certified Distressed Property Expert) and one of only three in the state.

One of the tools available to homeowners facing foreclosure is something called a "short sale."  Sometimes a home that sells for fair market value does not generate enough revenue to totally pay off the loans against it as well as all of the real estate and closing fees required to close the sale.  In these instances, the bank will sometimes agree to release its lien on the house for less than the amount owed on the loan.   

If you "owe more than your house is worth," you may be a candidate for a short sale.  There are potential restrictions and tax implications, so make sure you fully understand what you're getting into before you start the short sale process.

Helping a homeowner navigate through the short sale process usually requires specialized expertise as well as plenty of patience on the part of the Realtor and the homeowner.  However, a successful short sale can be a life and credit saver for the homeowner drowning under the weight of his mortgage. 

If you're facing foreclosure, John Jones Real Estate has the expertise and resources to help.  Please don't let embarrassment keep you from protecting your house and your credit. For additional information regarding Short Sales, the foreclosure process, and the options available to avoid foreclosure visit or call our 24 hour hotline for FREE recorded information at 1-800-238-2513 ext. 2044