Maryland Short Sales 301-343-7671

Maryland Homeowners if you are facing foreclosure, you just got a huge break!  Governor O’Malley signed the new foreclosure mediation bill into law last night, which will enable homeowners to have the last say prior to foreclosure.  The foreclosure mediation bill adds the following to the foreclosure process:

1. Lenders will be required to send an application for loan modification or other loss mitigation options at least 45 days prior to foreclosure actions being filed in court.
2. The homeowner has 15 days after receiving the lender’s final loss-mitigation affidavit, which states reasons for denial of a loan modification, to request a foreclosure mediation. The request must be sent to the Circuit Court, along with a $50 fee.
3. The mediation will be held to make one last attempt to prevent the foreclosure via loan modification or alternate loss mitigation option such as a short sale, forbearance or deed-in-lieu.

Maryland Homeowners our state is doing everything they can to help you prevent foreclosure.  However, you have to take action, do not sit around and wait.  If you need to discuss your situation in more detail and would like more information on your options, please contact me today at 301-343-7671 or email me at jnewman@kwflagship.com.

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.

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.

If you are a homeowner facing difficult financial times, remember that you have options.   The worst case scenario, which could be foreclosure will only happen if you let it.  You need to be proactive when dealing with your lender and don’t take NO for an answer.  If you would like to stop foreclosure, here are a couple of resources.

1. www.mdhope.org  This site is a great resource if you are facing challenges in paying your mortgage.  Our state has several HUD approved counseling agencies that work with homeowners in distress. 
2. www.makinghomeaffordable.gov  This is a resource for homeowners who would like to know more about our governments loan modification program.  You can check this site and see if you may qualify for a loan modification
3. www.fanniemae.com   If your loan is backed by Fannie Mae you can check this site out and find information on avoiding foreclosure.
4. www.freddiemac.com   If your loan is backed by Freddie Mac, you will find their programs here.
5. https://www.hmpadmin.com/portal/index.html   This site is the HAMP site for servicers and you will find tons of information on our governments.  Home Affordable Modification Program.

All of these sites are available to help you navigate these tough times and none of these providers charge money for their advice.  If you don’t get the answers here, give me a call at 301-343-7671 and I can help point you in the right direction.

Homeowners facing foreclosure may have another option if a loan modification or short sale is not a viable option.  Some servicers have rolled out a deed for lease program.  This is where a homeowner signs their house over to the bank (deed-in-lieu) and simultaneously agrees to rent back their property from the bank.   Below are some guidelines:

• Occupants rental payment cannot be more than 31% of gross incom
• Rent will be fair market rent
• Occupants must keep property in good condition
• Occupant maintains property and permits marketing property for sale
• Occupants agree to credit review and background check
• Property must be maintained as primary residence

For more information on the Maryland Deed for Lease program contact your lender and ask if they participate or view this link https://www.efanniemae.com/sf/servicing/d4l/

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 by 2011.

Wow!  I have spent the past hour or so reviewing the Home Affordable Modification Program (HAMP) guidelines for servicers and homeowners

PLEASE, PLEASE read these guidelines prior to requesting a loan modification in Maryland.  You will be shocked at the amount of beneficial information that is available to you.  I have taken a small piece of Supplemental Directive 09-08 and posted it below, READ WHAT IT SAYS!!!

When the borrower is not approved for a HAMP modification because the transaction is NPV negative, the notice must, in addition to an explanation of NPV, include a list of certain input fields that are considered in the NPV decision and a statement that the borrower may, within 30 calendar days of the date of the notice, request the date the NPV calculation was completed and the values used to populate the NPV input fields defined in Exhibit A. The purpose of providing this information is to allow the borrower the opportunity to correct values that may impact the analysis of the borrower’s eligibility.

If the borrower, or the borrower’s authorized representative, requests the specific NPV values orally or in writing within 30 calendar days from the date of the notice, the servicer must provide them to the borrower within 10 calendar days of the request. If the loan is scheduled for foreclosure sale when the borrower requests the NPV values, the servicer may not complete the foreclosure sale until 30 calendar days after the servicer delivers the NPV values to the borrower. This will allow the borrower time to make a request to correct any values that may have been inaccurate.

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 homeowners prevent foreclosure by 2011.

If you own a home in Maryland, you may have received numerous letters and/or calls regarding a loan modification.  I have personally modified a loan on an investment property that I own, and have also helped several colleagues and clients with the process, so I would consider myself a resource for homeowners.  When attempting a loan modification in Maryland here are a couple of tips.

1. Most lenders will require a hardship letter, and this is one of the most important pieces to the puzzle.  Your hardship letter needs to show the lender that you will NOT be able to keep the home if a modification is not done.  If you would like a copy of the letter I used drop me an email at jnewman@kwflagship.com
2. Lenders will also require a financial statement.  Many consumers modifications are rejected because they either make too much money or too little money.  Well the financial statement needs to fall within a magical range for the banks to consider a loan modification in Maryland
3. Remember, you have the upper hand!  Banks do not want to foreclose on consumers.  If you can convince them that foreclosure may be the only other alternative, banks ears will perk up and they may be more willing to negotiate.
4. Don’t give up!   I took me 6 months to get my Loan Modified on my home in Maryland (mortgage was with Citimortgage).  I was declined two times before finally getting approved.
5. Get advice from professionals
6. Be Careful, there are many scam artists out there.  DO NOT PAY ANYONE.

While I am Realtor, not a loan modification GURU, I would be more than willing to share my experience with you.   Also, check out my LOAN MOD PAGE and you will find various links to information on Loan Modifications in Maryland.

Upside down in your mortgage in maryland? Behind on payments contact us today for a free no-obligation consultation. 

An article was published in the Wall Street Journal today on a dilemma facing many homeowners.  Should I stay or should I walk away?  I get this question a lot from homeowners in Maryland considering a short sale and my answer varies depending on their overall financial picture.

My background as a financial advisor really enables me to consult homeowners not only on real estate but on their overall financial health.  Unfortunately, many homeowners compartmentalize their finances instead of looking at the financial picture as a whole.  BIG MISTAKE!!

If you are considering whether to short sale your  maryland home or stay, or possibly try and modify your existing mortgage you need to look at your financial health as a whole.

Upside down in your mortgage in maryland? Behind on payments contact us today for a free short sale evaluation. 

Many consumers are not sure who exactly to contact when they are considering a short sale, loan modification, or deed in lieu.  I have compiled a list of loss mitigation contacts for the majority of services across the country.  This list will be update on a continuing basis and as the industry improves their short sale processes, we hope to be able to provide an actual individuals name.   When you call make sure you ask to speak with LOSS MITIGATION.  Stay tuned for updates.

Upside down in your mortgage, behind on payments contact us today for a free short sale evaluation.  You can also find us on Facebook.

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.