Potomac MD Foreclosure News & Trends:
In Foreclosure & Mortgage Free
Over the holiday weekend, a client recounted the difficult time she and her husband were having refinancing their mortgage. Their home a potential Potomac MD Foreclosure is worth 1/3 less than the $1.2 million dollars they paid 4.5 years ago. Before they got behind on their mortgage they tried several different ways to refinance their two loans with the bank. Their lender was of no help and as a result, they have been living in their home mortgage free. They have been stock piling cash to get back on their feet.
Apparently, they are not alone. I read a very interesting article in The New York Times this morning titled, Owners Stop Paying Mortgages, and Stop Fretting. It turns out the average borrower in the united States in foreclosure is delinquent 438 days before being foreclosed upon or evicted. Some states it's up to 500+ days. Maybe the banks ought to be more kinder and gentler when borrowers are still cabable of paying? It seems banks are going to be saddled with millions of homes worth much less than the original loans anyhow???
I have a call to action for banks - be prudent, create more reasonable programs for homeowners to stay in their homes even if it's at a loss...you may be saving your institution more money in the long run! What creative ideas do you have?
Contact Betsy with your Potomac MD Foreclosure questions and check out some of her past blogs on this topic:
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