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short sale: Do You Qualify for a Short Sale on your Crofton home? - 09/27/09 08:07 AM
Owing more than your home is worth in today’s Crofton real estate market is just one of the factors determining whether a lender will approve your short sale. That alone is not enough to qualify for a short sale.
According to America's Home Rescue, you must first be able to satisfy your lender(s) regarding these three factors before most lenders will consider your short sale application:
1. You are behind in your mortgage payments. 2. You have a genuine hardship. 3. You have no equity in the property.
In fact, some lenders have a much longer list and they all require … (3 comments)
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short sale: How to Avoid a Short Sale or Foreclosure in Maryland - 04/10/08 07:30 PM
Maryland offers three programs that may provide relief for homeowners concerned about increasing monthly payments or late payments on their mortgage. Hopefully one of these programs will be just what you need for buying time to address whatever financial challenges you face.
"Denial" may be your greatest obstacle to avoiding a short sale or foreclosure. Pretending there's no problem, leaving mail from your mortgage company unopened, and not answering your phone are three things that will NOT put you on a path to financial recovery. (Sound familiar?)
On the other hand, one of these three programs from the Maryland Department of Housing and Community Development may help. Don't you owe it … (8 comments)
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short sale: How to Avoid Foreclosure in Crofton and Anne Arundel County Maryland - 01/29/08 10:25 AM
If you're a Crofton or Anne Arundel County resident and behind in your mortgage payments, the #1 piece of advice I have for you is this: OPEN YOUR MAIL!
Avoiding notices from your lender is one of the surest ways to find yourself in foreclosure, because you may overlook proposals from your lender for alternative solutions to your delinquent payments or notices of pending action against you, which you should be aware of.
Please don't "give up" and assume that foreclosure is inevitable if your payments have been late recently or the amount of your loan balance is greater than today's market … (27 comments)
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short sale: Maryland Home Sellers, New Relief for Short Sales - 12/21/07 11:23 AM
Most Maryland home owners won't be affected by the new tax bill signed by President Bush yesterday, but anyone who purchased or refinanced their home in the past 2-3 years could be, if the loan balance is higher than today's selling price. That situation is known as a "short sale".
Homeowners were taxed on any amount forgiven by a lender in a short sale negotiation or foreclosure, in the past, creating a tremendous financial burden. Now, under The Mortgage Relief Act (click here), the loan amount written off by your lender will no longer be considered taxable for debts forgiven between Jan. 1, 2007, and Dec. 31, 2009.
To find out … (19 comments)
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Margaret Woda, Maryland Real Estate & Military Relocation Services
Crofton,
MD
More about me…
Long & Foster Real Estate, Inc., Crofton, MD
Address: 2191 Defense Hwy., #120, Crofton, Bowie, and Davidsonville, MD, 21114
Office Phone: (410) 721-1500
Cell Phone: (301) 346-2923
Email Me
Real Estate and community information for homebuyers, sellers, and rookie agents in Bowie, Crofton, Crownsville, Davidsonville, Fort Meade, Gambrills, Odenton, Millersville, and the U.S. Naval Academy in Annapolis. Proven systems - combining local expertise, professional experience, and technology - to give you a competitive edge when you buy or sell a home.
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