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

This past week the Maryland House of Delegates passed the Mandatory Mediation Bill for homeowners facing foreclosure.   This bill will be introduced to the Senate this week. 

If passed by the Senate, homeowners would have the option of requesting a mediation session with their bank and if the mediation is successful the foreclosure would be dismissed.

Lenders would also be required to send borrowers an application for loan modification, alternate loss mitigation possibilities and information about housing resources 45 days prior to any foreclosure action being filed.

I cannot stress enought, if you are having financial difficulties DO NOT WAIT.  Options are available to you, if you act quick. 

DO NOT IGNORE THE MAIL OR THE PHONE CALLS FROM YOUR LENDER.

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.

Below is a link to a great article on short sales. The author really explains in simple terms why a short sale may make sense for homeowners that are facing foreclosure.

http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2010/04/01/investopedia5924.DTL

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.

Every day I speak with homeowners who are considering “walking away” from their homes. These homeowners have usually tried working with the banks to obtain a loan modification, but have grown frustrated at the banks response. Either the lender is taking too long or the homeowner has been declined for a loan modification. Well, homeowners still have options.

Walking away from your mortgage could have disastrous consequences on your credit and future ability to purchase a home. Maryland law gives the creditors up to 3 years to pursue the homeowner for any shortfall created by foreclosure.
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Consider a “Short Sale” or deed-in-lieu of foreclosure. It is possible that either of these options will allow you to legally “walk away” from your mortgage and may shield you from future litigation.

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.

One of the many changes in our Governments new HAMP guidelines is an increase of $1,500 for homeowners to relocate. Now if a homeowner completes a successful Short Sale they may be eligible for up to $3,000 in relocation assistance previously it was only $1,500.

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.

The Obama administration announced this morning massive changes to the HAMP program.  Details are still coming out, but from what I can see these changes will complicate things a little more for homeowners and servicers.  The good news is that it looks as if servicers will not be able to foreclose till all options have been exhausted.  They also announced that servicers will increase the relocation allowance for individuals who Short Sale their property to $3,000.   I will review the information over the weekend and do my best to summarize the changes on Monday.  Stay tuned!

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.

Gov. O’Malley is strongly urging the state legislature to pass a bill that would FORCE banks to first attempt a loan modification with Maryland Homeowners prior to being able to foreclose.   If passed, this bill would require that lenders try by “all means necessary” to help the homeowners with alternative solutions to foreclosure.  This could get interesting as our state is ANTI foreclosure. 

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.

Housing Predictor. Com released a research report today stating that the forelcosure crisis is far from over.  The research firm in predicting that 20 Million households may be affected by foreclosure in the coming years.  http://www.pr.com/press-release/212780

The research report also stated that 1 in 3 homeowners may decide to “walk away” from their homes if property values continue to decline.  As we all know loan modifications are not working.  Here are some statistics on the HAMP program through Dec. 2009

• 902,620 trial modifications offered
• 66,465 permanent modifications granted

With this being said, it seems that many lenders and government officials are now pushing short sales as another method to stem the flood of foreclosures.

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 is a HOT TOPIC and wow there is a ton of Mis-information out there in regards to deficiency judgements, short sales and foreclosures in Maryland.

Maryland is a recourse state, so basically a homeowner OWES the money and the banks have the right to pursue a deficiency judgment whether a home goes to foreclosure or is short sold.  Many homeowners believe that if there house goes to foreclosure the homeowner is free of the obligations, NOT TRUE.  If you owe $300,000 on your home and it is sold at a trustee sale for $200,000 the lender has the right to pursue the homeowner for the $100,000 difference.  

Also, if a homeowner Short Sells his/her property for $200,000 and they owe $300,000 the lender has the right to do the same.   So with this being said why would a homeowner pursue a short sale?  We will save this for the next post.  For more information visit http://www.foreclosurelawfirms.com/topics.cfm/anti-deficiency-laws.html

I am not an attorney and this information should not be construed as legal advice, please consult an attorney to discuss specifics about deficiency judgements and how they may apply to your situation.

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.