Foreclosure, Distressed homes, Short sales

2007 is starting off with more and more homes of this nature. Through research and stick with it mentality we can add to our income. However every time I look into this area I get pay for information sites and unwanted e-mails. To the point of frustration is irritating to say the least.  How are we to get information on the preforclosure's, the homes in distress ie: incomplete fix ups, divorce,  over extended properties. Short sales, deed's in  lieu of foreclosure. I like to help people.  Where can we go to find the information on what the lenders will consider on a short sale? What does a deed in lieu of foreclosure do to the credit. Is it worse than letting the foreclosure go through? It is our job to be informed as more and more of these questions are going to arise.  Part of our job as Realtors is to give good advise. I am not saying we should tell people to do these things I am just saying we should have some knowledge on what to do and the consequences of those actions. Again I am not a lawyer or trying to give advice on how people should handle their money problems. I am saying that we should have some knowledge on what to do and what can happen with those actions.  I tell people to seek legal advice on these issues but who do we send them to?  Is there an advocacy group that deals with mortgages? Or short sales?  How do we help our clients with out sending them to the sharks? How do we find the preforeclosure properties without going to the pay for nothing information sites?  What do you consider a distressed property? These are questions we will be getting more and more. As Real Estate professionals we better have some answers. Or stay away from these type of listings and sales!