Short sales have emerged as the best option for most South Florida homeowners when it comes to defending foreclosure and avoiding costly deficiency judgments, according to real estate attorney and legal blogger Roy Oppenheim.

Oppenheim joined host Barry Johnson on Real Estate Radio USA to discuss the latest trends in Florida real estate law, foreclosure and homeowner options for fashioning one’s own bailout.

We’ve uploaded the full radio interview at the end of this post, but here’s a quick summary of Oppenheim’s thoughts and advice:

• Government Failure: It has become clear the programs the Obama administration intended to help homeowners have done little more than line the pockets of banks.

• Personal Bailouts: Oppenheim Law has been positing for months that homeowners cannot sit back and wait for government programs to save their homes. Homeowners need to take it upon themselves to fashion their own economic bailout.

• Short Sale Savings: Short sales have surfaced as the best option for avoiding foreclosure, preventing deficiency judgments, and starting homeowners on the path of their own bailout.

• “Principal Reduction”: The attorneys at Oppenheim Law have seen huge “principal reduction” through short sales, with clients walking away from hundreds of thousands of dollars in debt after executing a short sale.

• Expect the Unexpected: When looking toward the future, you need to learn to expect the unexpected in the economic and real estate landscapes. These “Black Swan” events are what will ultimately change the markets.

You can hear the entire Real Estate Radio USA interview with Roy Oppenheim below. We look forward to seeing your feedback and answering questions in the comments.