Maryland Short Sales 301-343-7671

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.

The Treasury Department has issued a new supplemental directive aimed to help unemployed individuals having mortgage difficulties. The Home Affordable Unemployment Program will allow homeowners who are currently unemployed a temporary forbearance that will suspend or reduce their mortgage payments. For more information visit

http://www.dsnews.com/articles/treasury-releases-details-on-home-affordable-unemployment-program-2010-05-12

If you are a Maryland homeowner facing difficulties paying your mortgage contact me today at 301-343-7671 to discuss your options.

I cannot stress enough the importance of tackling mortgage difficulties early in the process.  Currently 1 out of every 7 Maryland homeowners are at least 30 days behind on their mortgage.  More alarming is that 30% of homeowners in Maryland owe more today than their home is worth.

If you are having mortgage difficulties, or have received a Notice of Intent to Foreclose, the letter you received from your lender may mention a Short Sale as an option.  The letter may even instruct you to call a local real estate professional to help you with the short sale.

Well let me tell you there are not many real estate professionals that truly understand the short sale process and it is critical to your success that you hire a SKILLED short sale agent.  Please if you decide that a short sale is an option that you want to consider, do some research and make sure that the real estate professional has been through the process.

The Obama Administration, in conjunction with The Treasury Department officially launched the HAFA (Home Affordable Foreclosure Alternatives) program today.   This is a widely aniticipated program to assist homeowners in Short Selling their property.  Here are some basic qualifications:

• Home must be a primary residence
• 1st loan balances cannot exceed $729,750
• Must have ongoing financial difficulties which makes paying the mortgage a hardship
• Your mortgage was originated prior to Jan. 1st 2009
• Monthly mortgage payment exceeds 31% of Gross Income

If a homeowner fits the above criteria, and their loan is owned by Fannie Mae or Freddie MAC, it is possible that you may qualify for the HAFA program.  If youare a Maryland Homeowner and  would like to get a definitive answers as to whether or not you qualify, contact me today at 301-343-7671.

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.

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.

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.

A growing concern among lenders and our government is the increase in homeowners who are “walking away” from their homes.  Many homeowners facing foreclosure are choosing to “walk away” and let the home go into foreclosure.  While, in certain situations this may make sense, remember if a home goes into foreclosure, the homeowner loses their ability to negotiate the debt owed.  If a homeowner, attempts a Short Sale, they are in control and have the opportunity to negotiate this debt ahead of time.  I can tell you it is a very good feeling knowing that the debt is gone and the monkey is off your back.  Here is a link that was featured in Realtor magazine about “walking away” from your mortgage.

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