Nationwide, homeowners have found themselves in a home that they owe more on the mortgage than the current market value of the property, and are not sure how long it's going to take to actually see equity in their property again, at least not in the near future.

3 Things to Know About HUD Homes and the Teacher Next Door Program., The Teacher Next Door Program (TND) also known as the Good Neighbor Next Door Program (GNND) is a HUD homes special program open to not only teachers, but also police officers, firefighters and emergency medical technicians (EMT).

Short sale submission requires the whole package to be prepared correctly. Together with the signed contract there is always a preliminary HUD required. The HUD (settlement sheet) shows the lender how much they are going to net. It describes all of the deductions involved at closing (second lien holder, property taxes, doc stamps etc). The first submission is a very early stage in the process because the contract has not been accepted yet. However, the bank wants to know approximately how much they are going to net. Pay attention to the word "preliminary".

While the numbers won't be available for this year's foreclosures for some months yet, the numbers for homes lost due to foreclosure for last year are easily available for those who're brave enough to take a look at them. Reported losses to foreclosures range as high as a million homes lost for 2008, with over two million homeowners facing foreclosure proceedings between January and December 2008. Foreclosures in the beginning half of 2009 were even more prevalent than the previous year.