Special offer

Maryland Foreclosure Nightmare

By
Real Estate Agent with The Newman Group Real Estate

I just read an interesting article inthe Baltimore Sun about the magnitude of foreclosures in MD.  Here are a couple of quick facts:

  • 163,479 Foreclosures Projected 2009-2012
  • Foreclosure starts up 470% from 2006
  • Lost Home Equity Wealth $1.9 Trillion
  • 134,923 Families behind on Mortgage as of the end of June

These estimates come from the Center for Responsible Lending in a September 2009 report.  Now also think about this, these numbers do not take into consideration an increase in Unemployment or the number of Strategic Defaults that are becoming more common. 

As taxpayers it is our duty to do what we can to stop these foreclosures, at the end of the day, WE WILL BE THE ONES PAYING FOR IT!  If you know someone who may be at the end of their rope, through them a lifeline and have them contact me, a Short Sale may be an option.

Posted by

John Newman

The Newman Group

Anne Arundel County, Prince Georges. Maryland Real Estate.

http://www.thinknewman.com

Paul Warkow
Paul Warkow-D.G. Weber Law Associates - Hauppauge, NY

Here is a ray of hope.  This is one way to stop foreclosures.  Read here

Oct 29, 2009 09:26 AM
Justin Dibbs
Fairway Independent Mortgage - Ashburn, VA
Mortgage Advisor

Wow...interesting.  Thanks for sharing Paul.

Oct 29, 2009 09:34 AM
Brian Kelly
Keller Williams Keystone Realty - York, PA

I think as realtors we all need to understand short sales and be able to coach our clients and help them see this as a viable option.

I just closed on a short sale. Because I was able to talk with my clients about it early on and then communicated so well with the bank we able to Have the bank appraise the property and approve a "pre-foreclosure" sale. We were able to lower the price and closed within 60 days. The best thing is that because my clients did such a good job communicating they will be able to buy a house again in two years!

Oct 29, 2009 09:39 AM