New Book Discusses Foreclosure, Short-Sale, Lender Recourse, and Tax Implications to Sell a Home in Declining Market

Irvine, CA (PressExposure) December 30, 2008 -- Lawrence Roberts, author of “The Great Housing Bubble,” provides valuable insight for those sellers who owe more than their house is worth. Foreclosures, short-sales, deed in lieu, and other real estate transactions where the debt is not paid in full have become very common with the deflation of the housing bubble.

Roberts notes that sellers have only four options: 1. The borrower can keep making the mortgage payments until prices go back up. 2 . The borrower can bring cash to the closing to pay off the portion of the mortgage not covered by the proceeds from the sale. 3. The borrower can try to convince the lender to agree to a short sale. A short sale is a closing where the lender accepts less than the full mortgage amount at the closing. 4. The borrower can simply stop making payments and allow the property to go to public auction in foreclosure. He further comments that both short sales and foreclosures have strongly negative impacts on credit scores and the availability of credit in the future.

Roberts also describes recourse versus non-recourse lending, judicial versus non-judicial foreclosure, and the tax implications of debt forgiveness. Roberts opines, “It is unfortunate that so many sellers find themselves in this position. They don’t have any good options. The challenge is to select the option that is least bad. I hope the information presented in the book helps underwater homeowners understand the decisions they face.”

About the Author, Publisher and Book

Lawrence Roberts, author of “The Great Housing Bubble,” is known as the Housing Bubble Cassandra. He publicly predicted the housing price crash as the primary writer for the Irvine Housing Blog ( From his unique vantage point in Irvine, Calif. – the center of the subprime universe – Roberts carefully documents in his book the conditions and practices that inflated the largest real estate bubble in history. He holds a Master of Science in Land Development from Texas A&M University, and he consultants to the land development industry.

Monterey Cypress Publishing is a small press specializing in real estate and personal finance related books, audio books, and video presentations.

Purchase “The Great Housing Bubble,” at Obtain free eBook here: []

About Monterey Cypress Publishing

Lawrence Roberts
Monterey Cypress Publishing
Irvine, CA
(949) 599-1250

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Press Release Submitted On: December 20, 2008 at 4:44 am
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