Short sales proving popular for many wealthier home owners

Though imperfect in many ways, the government does have a number of options for the average homeowner in need of assistance to avoid foreclosure. But the U.S. median home price in October stood at only $173,000, down a whopping 25% from a high back in 2006 of about $230,200. What happens if you need help with your mortgage and your home is in the million dollar or above range? It's not uncommon in many more affluent coastal regions of the north- and south east, as well as large swatches of California.

Increasingly, the best option for you folks, according to figures cited by Bloomberg News, appears to be the common short sale. (That's when a lender agrees to take less than what the mortgage is worth just to get the property off its books.)