Millions of people across the country are seriously delinquent on their mortgages and in danger of foreclosure. Some, if they have the means to do so, will be able to negotiate a lower rate with the bank. Others won't be so lucky, but a short sale is a far better alternative than foreclosure.

"A short sale is where an owner is selling their home for a value that is less than what they owe the bank. Homes in foreclosure, statistically, bring the values of other homes in that neighborhood down. Short sales allow the owner to stay in the home until it closes in a nice, neat and orderly fashion, " said real estate broker Scott Varley.

And thanks to a new federal initiative known as HAFA, the Home Affordable Foreclosure Alternatives program, qualified homeowners now have a much easier path to follow in order to avoid foreclosing on their house.

"Waiting up to 18 months in some cases, Ryan, is ridiculous. You, as a buyer, are you going to wait around 18 months for a house you might not get in the end? The bank might say, no. This process, HAFA, basically, within ten to 14 days you get an answer back from the lender. It's fast. Ten to 14 days versus up to 18 months," said Varley.

The Treasury Department is offering homeowners and banks incentives that can add up to as much as $3,000.

"They give you $1,500 for borrower relocation assistance. Which is wonderful, giving the borrower $1,500. One thousand dollars to the lender to cover administrative and processing costs and an additional $1,000 for investors. Up to $3,000 to be distributed at the closing to help incentivize the lenders and investors to work with the owner," Varley said.

Obviously when you short sale your home you're losing out on the actual value. Sometimes by as much as hundreds of thousands of dollars, but the benefits far exceed that of foreclosure for both the lender and yourself. Especially when it comes to your credit.

"A foreclosure totally wipes out your credit. It takes, on average, 5 to 7 years before you may qualify to purchase a home again. If you go through a short sale it's typically two to three years, if you qualify financially, to buy another home," said Varley.

So, how do you take advantage of HAFA? Simply put, HAFA actually modifies an already established program known as HAMP, the Home Affordable Modification Program. HAMP helps homeowners obtain lower, more affordable payments on their loans. If HAMP isn't working for you, you can now take advantage of the "short sale" incentives outlined by HAFA. It's a lot to take in, I know. For more detailed information log onto web realtor.org