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So you want to get into short sales?

Part 2: The new housing vernacular

Editor's note: With the collapse of the subprime lending market leading to tightened credit, many are wondering what happens to the millions of loans that are expected to default or more importantly, what happens to the homes and the people who bought them. In this four-part series, Inman News looks at what the lending industry is doing to help people get out of loans or get back on their feet and how some real estate agents are making this their specialty. We'll go in-depth on short sales, REOs and forbearance programs. (Read Part 1, Part 3 and Part 4.) If 2006 was a slow year because fence sitters were waiting for sellers to lower their asking prices, the fallout from the subprime lending crisis could make this year equally problematic. Even as prices in overheated markets come down from the stratosphere, bargain-hunting buyers may not be able to take advantage of them because lenders are tightening their underwriting standards Analysts at Banc of America Securities LLC predict...