Maryland Short Sales 301-343-7671

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.

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.

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.

Many clients have asked me in the past weeks about a Deed-in-Lieu of foreclosure.  What are the benefits, what are the drawbacks?

Well, a deed-in-lieu of foreclosure is a process by which the homeowner Deeds the home back to the lender.  Basically they turn the keys in to the bank.  A deed-in-lieu has several benefits:

1. Homeowner avoids foreclosure
2. No deficiency judgement

A deed-in-lieu may be reported as a foreclosure on ones credit report and a homeowner should discuss this with their lenders.   Also, a deed-in-lieu needs to be approved by the primary lender.  Typically, lenders will want the homeowner to attempt a “short sale” prior to giving authorization for a deed-in-lieu, and most of the time the property can only have one loan.

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 a homeowner has an FHA insured mortgage and meet certain criteria, they may be eligible for HUD’s Pre-Foreclosure Sales Program.  This program is designed to streamline the short sale process for homeowners and give them incentives up to $1,500 for a successful short sale. You can find more information here

http://www.hud.gov/offices/hsg/sfh/nsc/rep/pfsfact.pdf

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.

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.

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.

Homeowners if you are facing foreclosure, DO NOT just walk away consider a SHORT SALE.  Wachovia bank is quietly offering homeowners a cash incentive to pusue a short sale instead of foreclosure.  This is being done without much fanfare and without much press.  Currently Wachovia is the ONLY bank I am aware of that is considering this option and as far as I can tell is only being done is California.  However, I would expect multiple lenders to follow and this to be available for Maryland Short Sales soon.  As I wrote previously, the Treasure Dept. is finalizing a plan that will provide the same type of compensation. View the entire article on Wachovias’  short sale plan .

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