Maryland Short Sales 301-343-7671

The Department of Veterans Affairs on Monday issued new guidelines for modifying VA-guaranteed home loans.  The Veterans administration has agreed to allow servicers to modify loans according to the Governments HAMP program.

The VA HAMP-style modification authority can be utilized only if the following three requirements are met: 1) borrower does not qualify for traditional home retention loss mitigation, 2) the property is the borrower’s primary residence, and 3) the VA HAMP modification is agreed upon prior to the HAMP expiration date of December 31, 2012.  If you would like to view the actual VA Guidelines click here

If you are struggling with your payments and would like to consider a loan modification, short sale or discuss alternative foreclosure prevention strategies contact me today at 301-343-7671 or drop me an email at jnewman@kwflagship.com.  We are one of Maryland’s HAFA specialists and well versed in all areas of home retention.

Yesterday Bank of America announced that it has begun its implementation of a principal reduction program in conjunction with its home affordable modification program (HAMP). Under Bank of Americas new modification program, qualified homeowners will receive an earned “Principal Forgiveness” over a 3-5 year period.

In english Bank of America is proposing that they will cut the borrowers mortgage balance in order to make their payments more affordable. If the homeowners agree to terms and make their payments on time, the will be forgiven of a portion of the balance of their loan.

Being somewhat of a skeptic, I will believe this when I see it. While I believe that many lenders are trying to help homeowners, there is still too many layers of bureaucracy to make meaningful decisions in a timely fashion.

If you would like more information on Bank Of Americas modification programs, or other options to avoid foreclosure, such as a short sale or deed-in-lieu give me a call today at 301-343-7671 or drop me an email at jnewman@kwflagship.com

If you are looking for advice on Short Sales, Loan Modifications or additional information on avoiding foreclosures contact me today. Maryland has passed several new legislation enabling homeowners to avoid foreclosure.

Many homeowners wait until its TOO LATE, don’t wait!

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.

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.

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.

Well more details are coming out about Bank of Americas principal reduction plan.  In my opinion, Bank of America is using this plan to avoid more legal issues.  (there are several class action lawsuits filed by homeowners against Bank of America).  According to Bank of America this new plan is estimate to help a whopping 45,000 homeowners.  That’s right 45,000!!!!!!!!!.    These homeowners will have to qualify for the governments modification program and Bank of America may forgive up to 30% of the loan balance IF the homeowner maintains a solid payment history for 5 years.    So if you are a homeowner with a Bank of America loan, don’t get too excited.

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 if 2009 was the year of the loan modification nightmare, 2010 will be the year of the Short Sale.  Many large banks are now turning there resources toward Short Sales and away from Loan Modifications.  If you are a homeowner in the loan modification process, be prepared to start receiving letters and/or phone calls advising you that a Short Sale may be the next alternative.  You can view an article below outlining some of the new bank initiatives.

http://www.ft.com/cms/s/0/fd66e156-1b62-11df-838f-00144feab49a.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.