Maryland Short Sales 301-343-7671

On Friday the Treasury Department released the latest results of our Administrations Home Affordable Modification Program or HAMP.   The results are embarrassing to say the least and continue to provide evidence that new programs need to be designed to aid borrowers.

Here are a couple of numbers that illustrate the ineffectiveness of the program:

1. As of July 2010 616,839 HAMP trials have been canceled out of the 1,307,489 trials started since the program began.    SO 47% OF ALL HAMP TRIALS HAVE FAILED!
2. Hope Now estimates that over 4 Million Homeowners are 60 days or more behind on their payments!

Clearly Maryland Homeowners have more options today than in the past to help them through these difficult times.  However, for some reason the programs that are available clearly are not enough.  I would anticipate some major restructuring of the current programs in the 4th quarter of 2010, so stay tuned.

If you are a Maryland Homeowner and facing mortgage difficulties, please do not wait to contact a professional to give you an assessment of your options and help develop the appropriate strategy.

FORECLOSURE IS NOT AN OPTION!

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.

Rumors are swirling and I have a credible source at Fannie Mae that has told me that Foreclosure Sales will NO LONGER BE POSTPONED during the Short Sale process!

This is will be a huge setback for our economy and housing market.  It seems that Fannie Mae and Freddie Mac are trying to prevent homeowners from “waiting till the last minute” then trying to Short Sale their property.  If you are a Maryland Homeowner and are facing imminent foreclosure DO NOT WAIT!

Fannie Mae and Freddie Mac are trying to streamline the default process in an expedited order

Loan Modification –  Short Sale — Deed in Lieu — Foreclosure

If you are a Maryland Homeowner considering a Short Sale, PLEASE START THE SHORT SALE  PROCESS TODAY!

Also, if you are an investor or home buyer and would like to find the best deals in Maryland, check out or new blog www.mdreoexperts.com this site is  designed to educate homebuyers on purchasing bank owned properties and short sales.

This was featured on 60 Minutes this past Sunday!!

Many homeowners in Maryland are now starting to hear about HAFA, our governments initiative to streamline the short sale process.  Currently, the majority of lenders are participating in HAFA.  Bank of America, Wells Fargo, CitiMortgage and Chase to name a few.  Maryland’s new foreclosure regulations also are following the HAFA model and lenders should not foreclose if a homeowner is attempting a short sale

If you are a homeowner and are currently facing foreclosure or have been declined for a loan modification YOU MAY QUALIFY for HAFA.

There are two major advantages to HAFA.  The first is that the 1st lien holder will waive the right to any deficiency judgements.  The second major advantage is that homeowners may be compensated up to $3,000 in relocation expenses.

Unfortunately, loans that are backed by Fannie Mae or Freddie Mac do not qualify for HAFA as of today, but we anticipate both agencies to be unveiling a short sale program similar to HAFA.  Please contact me today at 301-343-7671 or email me a john@thinknewman.com  for a no obligation consultation to determine your eligibility.

Many homeowners ask me what impact a short sale will have on a homeowners credit. Here is an article that I found on CNN Money that gives a very detailed outline of the impact of foreclosure, short sales, missed payments etc.

http://money.cnn.com/2010/04/22/real_estate/foreclosure_credit_score/

If 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.

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.

This is a short video from associates of mine in Arizona. This video will enlighten homeowners as to why loan modifications are not working.

If 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.

Alex Charfen, CEO of the Distressed Property Institute discusses the lates changes to HAFA.

If 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.

Now that HAFA has formally been released many homeowners are wondering if there lender participates?  Well, I have just compiled a list of HAFA participants. 

 Find out if your servicer is a HAFA participant, click here

If 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.