As a mortgage professional, I am always reading articles that discuss real estate and mortgages. A recent article on CNNMoney.com discussed how banks are more efficient and are expediting short sale approvals due to the distressed properties throughout the United States.

A short sale allows homeowners to sell their houses for an amount that is less than what they owe on it. According to Redfin, a real estate web site, it used to be very difficult to sell a house using this method, and often the application was "lost" for months on someone's desk. But the market is different today. Lenders lose, on average, 30% on a short sale. But comparing that to the normal 50% loss on a foreclosure, it's clear why lenders are taking a positive stand on short sales today.

It is projected that short sales might accelerate an end to the foreclosure crisis because it will help people get out from under an upside down situation and replace that homeowner with one more capable of handling the payments.

One big advantage a short sale provides is that you will receive less of a hit on your credit scores. A foreclosure can negatively affect your FICO scores by approximately 200 points, while a short sale results in an average decrease of 100 points.

As with any situation when it comes to buying or selling a home, consult with a professional mortgage broker to ensure you're receiving proper guidance. Grandview Lending will walk you through a variety of scenarios to determine the best approach according to your situation.