If you are faced with a difficult situation make sure you take some time to explore all of your options. If you think a shortshort sale sale may be the best option available, deal with a realtor that has experience dealing with short sales. Don't fall victim to inexperience!!!
If you are thinking of short selling your home please take some time to evaluate all of your options. Don't fall victim to so many of the real estate / foreclosure scams that are out on every corner of every street. You know the signs that say, "We Buy Homes For Cash", "Stop Foreclosure" and so many others that claim to be here to help you get out of a difficult situation. Unfortunately many of the scam artists come out and prey on people in a difficult situation. I can't tell you how many victims we have encountered that signed over their home leaving them with very little power to fight back.
The rate of foreclosure in Maryland has gone up this year compared to the same time last year. A lot of adjustable loans are now adjusting and causing a lot of homeowners to default on their mortgage payments.
If you are having problem making your monthly mortgage payment there are many options available to help you avoid foreclosure.
There are many organizations in Maryland that can help homeowner avoid foreclosure. Below are some lists of agencies that offer help
- The Baltimore Homeownership Preservation Coalition
Website: www.preservehomeownership.org . Just dial 311 to reach housing counselor
- Prince George’s County Coalition for Home Ownership Preservation
mharrington@hiphomes.org or 301-883-5570
- U. S Department of Housing and Urban Development(HUD)
www.HUD.gov
- Neighbor Works America Center
Contact: 1-888-995-HOPE or www.nw.org
Refinancing Options: Here are some listings of refinancing options that may help refinance into a fixed rate. Contact your lender to find out about these options
- Home stay a new Fannie mae product
- FHASecure: This will be available in January 2008
- The Maryland Department of Housing and Community Development www.dhcd.state.md.us
Homeowner need to call their lenders as soon as they are running to any problem. There are several options that lender may offer to avoid foreclosure. Some of these options are
- Forbearance: An agreement to give a temporary reduction or suspension of the mortgage payment.
- Reinstatement: A lump sum payment that brings the mortgage current after forbearance.
- Repayment Plan: An agreement that gives a fixed amount of time to repay the amount that is owned from the past due payment.
- Loan Modification: An agreement by the mortgage company to re-write the original terms of the loan.
- Short Sale: A proposal by the homeowner to avoid foreclosure to sell the property for less than the mortgage balance. Get more information about short sale hereShort Sale
- Deed-in-Lieu of Foreclosure: An agreement by the homeowner to return title to the lender so that their will not be a foreclosure proceeding.
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