Taking advantage in foreclosure crisis

PALM BEACH COUNTY, Fla. - After facing the exhausting experience of foreclosure Jim Holmquist decided to get into the real estate business to help others at risk of losing their homes.

"What I do is I come in and I work with these homeowners and try to figure out the best direction for them to go," Holmquist said.

Right now thousands of homes in Palm Beach County are in foreclosure.

"The homeowner has to be proactive," Holmquist says.

He believes one way is short selling. In that transaction the seller's mortgage lender agrees to accept a payoff of less than the balance due.

Holmquist says to apply for a short sale you typically have to be facing an economic hardship.