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Potomac MD Foreclosure News & Trends: In Foreclosure & Mortgage Free

By
Real Estate Agent with Washington Fine Properties - Washington DC Area Real Estate

http://www.freedigitalphotos.net/images/view_photog.php?photogid=901Potomac 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:

1. The Art of The Strategic Short Sale

2. Montgomery County Short Sales

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The Schuman Team at Washington Fine Properties

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Comments (4)

Patricia Kennedy
RLAH@Properties - Washington, DC
Home in the Capital

Betsy, somehow, we don't think about these situations in areas like Potomac.  And I think the lender is being pretty dopey.

Jun 01, 2010 01:47 PM
Bill Gassett
RE/MAX Executive Realty - Hopkinton, MA
Metrowest Massachusetts Real Estate

Banks thinking logically? That's a new concept...let me know when it happens - LOL

Jun 03, 2010 12:17 AM
Jim Frimmer
HomeSmart Realty West - San Diego, CA
Realtor & CDPE, Mission Valley specialist

Unfortunately, it's unprecedented times for the banks, too, so many of them are trying to work through scenarios that they never expected. Everything's just a mess, but things seem to be improving significantly here in San Diego.

Jun 05, 2010 03:43 PM
Mike Conner
City Realty, Inc. - Olympia, WA - Lacey, WA

Great post Betsy! You would think the banks would find it to be in their best interest to move through the short sale/foreclosure process rapidly. It seems the "too big to fail" banks are often times the "too big to organize" banks.

Jun 13, 2010 09:22 AM