Bank of Americas, Matt Vernon last week stated that Bank of America is rolling out a new Cooperative Short Sale program.  This program is targets homeowners that Bank of America believes may consider a Short Sale.

Letters are being mailed to homeowners that have been not qualified for HAMP or HAFA.  These homeowners have not requested a Short Sale, but Bank of America has identified these homeowners as individuals who may consider a Short Sale as a viable option to foreclosure.  The new program looks a lot like HAFA, below are the key features of the co-op Short Sale program:

1. Borrowers will receive $3,000 in relocation assistance
2. Streamlined Documentation process
3. No Deficiency Judgements
4. Borrowers will have up to 120 days to complete the sale
5. If the home does not sell borrowers will be given the option of a Deed-in-Lieu.

As I am always telling homeowners the loan modification, short sale, and foreclosure business is changing almost daily, so you need to stay tuned as next weeks new programs will be unveiled.

If you are a Maryland homeowners and are facing financial difficulties, contact me today to discuss your options.  It is imperative that you start the process of Short Sale or loan modification early as banks are being much more strict about delaying foreclosure sales.

Many homeowners are waiting too long to start the process of loan modifications, short sales or deed-in-lieu.  There is no reason that a homeowner should be foreclosed on today.  If you are behind on your payments first contact your lender then follow up with one of Maryland Housing Counselors.  A list of housing counselors are below.

HOPE Housing Counselors Network

Fannie Mae, relaxed their lending guidelines for homeowners who have a Short Sale or deed-in-lieu on their credit.

In my opinion the lending giant is starting to realize that Short Sales and deed-in-lieus are good for all parties involved. Previously if a homeowner were to short sale or deed-in-lieu their property they would have to wait 4 years before they would qualify for a new loan. They just changed that requirement to 2 years. If a homeowner declares bankruptcy or has foreclosure on their credit, lending guidelines will remain the same.

f you are a Maryland homeowner and would like more information on Short Sales, Loan Modifications or foreclosure prevention call me today at 301-343-7671. Remember, more options are available to you if you act quickly.

Many clients have asked me in the past weeks about a Deed-in-Lieu of foreclosure.  What are the benefits, what are the drawbacks?

Well, a deed-in-lieu of foreclosure is a process by which the homeowner Deeds the home back to the lender.  Basically they turn the keys in to the bank.  A deed-in-lieu has several benefits:

1. Homeowner avoids foreclosure
2. No deficiency judgement

A deed-in-lieu may be reported as a foreclosure on ones credit report and a homeowner should discuss this with their lenders.   Also, a deed-in-lieu needs to be approved by the primary lender.  Typically, lenders will want the homeowner to attempt a “short sale” prior to giving authorization for a deed-in-lieu, and most of the time the property can only have one loan.

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.

Citimortgage will anounce on Thursday that it is releasing a new pilot program outlining foreclosure alternatives for homeowners in foreclosure.  About the program:

• Homeowners may stay in the property for 6 months, provided they maintain the property and agree to a Deed-in-lieu
• Homeowners may receive up to $1,000 in relocation assistance
• Homeowners will be responsible for all utility costs
• Program is being tested in certain states and if popular may be rolled out nationwide.

For more information on this program visithttp://www.marketwatch.com/story/citi-to-pilot-foreclosure-alternatives-program-to-help-distressed-borrowers-2010-02-11?reflink=MW_news_stmp .

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.

The economy is not helping the nations housing crisis, and to make matters worse many individuals homes are worth less today than it was when they purchased the property.  If you house is underwater, your behind on your payments or facing foreclosure you do have options.  Each of these options have the benefits and disadvantages and should be addressed with the help of a professional.

1. Loan modification- a loan modification is done in conjunction with your lender to reduce the principal balance, reduce the interest rate or a combination of both.  This is a cumbersome process and should be done with the help of a professional.  If you would like to KEEP your home, a loan modification may be the answer.
2. Bankruptcy-  This would be done in conjunction with a bankruptcy attorney.  Homeowners may be able to keep their homes and get a fresh start, contact me for a list of reputable bankruptcy attornies.
3. Deed-in-Lieu-  This is a deal between the homeowner and the lender and basically the homeowner turns over the keys to the lender.  This would be done if the homeowner DOES NOT want the home.
4. Short Sale-  This is where the lender may allow the homeowner to “sell” their house for less than what is owed.  If the homeowner wants to sell their house and start over, this may be an option.

If you would like to discuss these options in more detail through a private consultation contact me today, there is no cost or obligation.