Careful, homeowners currently in default.

If you think that a foreclosure and/or short sale will help you improve your distressed situation moving forward, and that you can just cut your losses free and clear, think again.

The Detroit News passes a long a helpful nugget of advice about mortgage deficiency judgements, which is essentially a tool that lenders can leverage to recoup some of their losses by coming after borrowers who defaulted on their mortgages.

And in some cases, they can wait years before coming after you.

Here’s the skinny:

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Foreclosure, loan modification and now, finally (we think), a short sale.

That’s the wild real estate ride that Alexis Bellino — from the “Real Housewives of Orange County” — and her husband Jim have taken with their Newport Beach, Calif., mansion over the last year.

Orange County Register reports that the Bellinos recently unloaded their cushy six-bedroom, five-bathroom luxurious property for a cool $3 million, which is $395,000 less than the asking price, in a short sale transaction.

The identity of the bargain buyer was not revealed in the article, but he or she was represented by Banker Previews International.

And based on the description of home, which sits on a 9,135-square foot double lot, it appears that the new owner got a relative steal.

Here are just some of the many features:

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Short sales are a hot topic these days.

It should come as no surprise, considering these real estate transactions now represent a huge share of the housing market because of their tremendous profit potential.

Short sales are simple math:

Lenders agree to sell distressed properties for less than is currently owed on the mortgage balances because the current owners are (likely) in — or about to — default. Bargain-hunting buyers (that’s you) score great deals and often enjoy instant equity bumps since they’re paying less than the properties are actually worth.

This month’s edition of “Investment Exchange” is devoted to acquainting (or reacquainting) you with short sales. You’ll find tips and tricks to make the process go smoothly, plus the new number one way to find qualified short sale listings in your area (For a hint click here).

To read this month’s free educational newsletter from Foreclosure.com, which is entitled “ABCs (and $$$s) of Short Sales,” CLICK HERE.

Boca Raton, Fla. — Jan. 20, 2011 — Foreclosure.com today announced that it recently added thousands of short sale properties for sale to its industry-leading, nationwide database of more than 2 million distressed real estate listings.

To search for potential short sale homes for sale in your area visit http://www.foreclosure.com/short_sale/ today.

What is a short sale property?

A short sale is a home that is for sale for less than the mortgage balance owed to the lender. It essentially short circuits the foreclosure process, allowing the distressed homeowner to sell a home that he or she can no longer afford at a price that is in-line with current market values.

And while the short sale process is often considered time-consuming, clunky and difficult, Foreclosure.com Vice President James Houston explains that the listings offered through the website are already bank-approved and ready to sell fast.

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Boca Raton, Fla. — Jan. 4, 2011 — The Agent University, which is administered through Foreclosure.com, and The CE Shop today announced that the companies have teamed up to offer real estate agents with even easier access to the best online short sale training certification program in the nation.

The Agent University’s Certified Short Sale Agent (CSSA) certification program is now featured on The CE Shop website, which offers real estate professionals online courses that meet their states’ continuing education requirements.

For more information regarding the short sale training and continuing education opportunities available through The Agent University please visit The Agent University or call us at (866) 382-4445.

CSSA training, which has been implemented at more than 300 Realtor® boards nationwide, can earn real estate agents up to six continuing education credits in select states, as well as prepare them to find, negotiate and close short sale transactions in record time.

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