Maryland Short Sales 301-343-7671

Effective Friday January 16th HUD released new guidelines for their mortgage assistance programs.  Effective immediately homewoners will no longer need to be behind on their payments to seek mortgage assistance.  If a homeowner can document a hardship, mortgage servicers will review their files prior to the homeowner being delinquent.  Below is a link to an article outlining the changes.

http://www.dsnews.com/articles/fha-to-provide-early-relief-struggling-homeowners-2010-01-22

Are you experiencing financial difficulties and looking for advice on the options available to you?  Contact me today,  I am personally committed to helping 100 Maryland homeowners prevent foreclosure in 2010.

This beautiful townhome in Piney Orchard boasts 4 bedrooms and 3.5 baths.  End Unit in pottery barn condition, listed at $347,000

The Treasury Dept. is scheduled to release new guidelines on the Home Affordable Modification Program (HAMP) by the end of the month.  Rumors have it that there will be less paperwork needed by the homeowners to expedite the process. I would anticipate this is being done to alleviate the backlog of properties in the Loan Mod process and also streamline the short sale process.

 Below is a link to the article in the New York Times

http://www.nytimes.com/2010/01/22/business/economy/22modify.html

Are you experiencing financial difficulties and looking for advice on the options available to you?  Contact me today,  I am personally committed to helping 100 Maryland homeowners prevent foreclosure in 2010.

This Colonial in Millersville boasts 4 bedrooms and 3.5 baths.  Perfect for 1st time homebuyers.

Gorgeous Levitt Rancher Off Crofton Parkway. 4 Bedrooms 2 full baths.  continue reading…

There is a huge debate amongst the public as to whether walking away from your mortgage makes sense.  The number of homeowners “strategically defaulting” on their mortgages are also causing alarm within the lending community and our federal government. What we are seeing is that Loan Modifications simply are not working, and unless banks streamline the short sale process (which is being done) homeowners are simply throwing in the towel.

 Below is a link to an article in US News and World Report, that I found very interesting.

http://www.usnews.com/money/personal-finance/real-estate/articles/2010/01/19/strategic-defaults-and-the-foreclosure-crisis.html

Are you experiencing financial difficulties and looking for advice on the options available to you?  Contact me today,  I am personally committed to helping 100 Maryland homeowners prevent foreclosure in 2010.

Boy I here this one a lot.  “  After dealing with my lender for several months I finally was denied for a loan modification?  Now what?   Here are my suggestions:

If you would like to keep your home

1. Try Again, just because you were denied the first time, does not mean you should give up hope.  Contact your lender and ask them to send you the reasons for the denial.  Most lenders are required to show you why you were denied.
2. Contact your local HUD counseling agency, if you do not have a list visit  www.mdhope.org.

If you would like to Sell your home

1. Contact your lender and let them know that you are interested in a short sale. 
2. Contact a real estate professional that Specializes in Short Sales, and when I say specialize ask them to provide you with a list of successfully closed Short Sale transactions.

Your other options include Deed-In-Leiu or Bankruptcy, these options are a little more complicated and you should consult with an attorney.  If you would like a list of attorneys that specialize in these areas, drop me an email.

Are you experiencing financial difficulties and looking for advice on the options available to you?  Contact me today,  I am personally committed to helping 100 Maryland homeowners prevent foreclosure in 2010.

Maryland has led the country is some of their foreclosure prevention efforts and Gov. O’Malley is working hard to prevent the foreclosure challenge here in Maryland.   Maryland has set up a Pro-Bono Foreclosure Prevention Project where homeowners may discuss their situation with housing counselors and attorneys for free.  If you would like advice on your situation from a legal standpoint, check out this site:

http://www.probonomd.org/foreclosure.html

In addition to the advice given on this blog, homeowners need to seek all the avenues available to them if they are trying to save their home. 

Are you experiencing financial difficulties and looking for advice on the options available to you?  Contact me today,  I am personally committed to helping 100 Maryland homeowners prevent foreclosure in 2010.

New Treasury guidelines for banks and servicers will impose a 10 day turnaround time on “short sale” offers. The 83 participants in the Home Affordable Modification Program will have new guidelines covered under the Home Affordable Foreclosure Alternatives Program. Below is a brief summary:

Foreclosure Alternatives

• The HAFA program simplifies and streamlines the use of short sale and DIL options by incorporating the following unique features:
• Complements HAMP by providing viable alternatives for borrowers who are HAMP eligible.
• Utilizes borrower financial and hardship information collected in conjunction with HAMP, eliminating the need for additional eligibility analysis.
• Allows the borrower to receive pre-approved short sale terms prior to the property listing.
• Prohibits the servicer from requiring, as a condition of approving the short sale, a reduction in the real estate commission agreed upon in the listing agreement.
• Requires that borrowers be fully released from future liability for the debt.
• Provides financial incentives to borrowers, servicers, and investors.

Are you experiencing financial difficulties and looking for advice on the options available to you?  Contact me today,  I am personally committed to helping 100 Maryland homeowners prevent foreclosure in 2010.

Well, here we are into the 4th year of the nations housing crisis and still our government has not found the solution to prevent foreclosures.   They have tried loan modifications and the numbers increasingly show that they are not working.  The are now implementing a “short sale” plan and we will soon see if that works, next maybe banks will start reducing customers principal balances.  In other words lets say you owe $300,000 but your home is only worth $250,000 the lender may adjust the terms of your loan to bring the balance down to current market value!   Below is a link to an article on Principal Reduction.

http://www.nuwireinvestor.com/blogs/investorcentric/2010/01/banks-may-start-reducing-distressed.html

Are you experiencing financial difficulties and looking for advice on the options available to you?  Contact me today,  I am personally committed to helping 100 Maryland homeowners prevent foreclosure in 2010.