Prior to 2011, only those borrowers with purchase money loans on their homes had the privilege of utilizing the short sale process to sell their properties without worry of a lender seeking to obtain deficiency judgments against them sometime in the future.

The United States Census Bureau has reported that a third of the country’s population will be 50 years or older by the year 2010. Accordingly, a 2009 study conducted jointly by the National Association of Home Builders (NAHB) and the MetLife Mature Market Institute (MMI) revealed that the Baby Boomer generation alone will represent 25% of the United States population by 2010.