DMG Productions is in production of a new episode on "Foreclosures vs. Short Sales" as part of their "Business Update" television program.

This three part series will be presented commercial free and there will be many topics addressed covering a wide spectrum of areas. From appraisals and mortgage options to loan modifications and more, Business Update will explore it all End Quote

(1888PressRelease) December 13, 2010 - This June, DMG and Business Update take our viewers on an educational journey inside the real estate industry as we uncover the facts behind the often-misunderstood topics of foreclosures and short sales.

"Homeowners looking to avoid foreclosure and cushion the impact to their credit should pursue a short sale where their lender agrees to a reduced (short) payoff based on current market value. This option is only for owner occupied properties. FHA allows a borrower to obtain a new home loan as soon as three years after a short sale. For second home and investment properties the options are deed-in-lieu or foreclosure both of which are very damaging to credit - up to seven years to obtain a new home loan," said Laura Balas, a Realtor with RE/MAX Ocean Properties in Juno Beach, Florida. "It is important that the homeowner weighing these options seek professional guidance from a Realtor, Attorney and tax consultant; there maybe IRS penalties and deficiency judgments to contend with."

Senior producer for the series, Ryan Dierdorff said, "There has been a lot of finger pointing surrounding the housing debacle and regardless of where the blame lies, I think we can all agree that educating the public on tax and legal issues as well as mortgages is a good step in avoiding costly mistakes."

This three part series will be presented commercial free and there will be many topics addressed covering a wide spectrum of areas. From appraisals and mortgage options to loan modifications and more, Business Update will explore it all. Broadcast is internally scheduled for 2Q 2011 on CNBC.

About DMG Productions:

DMG Productions is well respected in the community as a producer of educational television programming. Best know for their award wining medical series "Health Heroes" and the eco-friendly program "Shades of Green," DMG is dedicated to enriching the lives of their television viewers.

For more information visit www.dmgproductions.org or call (866) 496-4065

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