maryland short salesJust a few years ago no-one had ever heard of a Short Sale. Now it is part of the Real Estate landscape and here to stay for a while, even in Central Maryland which has not suffered such adversity like many other States.

The evolution of the short sale is a work in progress as updates are made on a regular basis. There are new guidelines that will be in affect as of November 1st. The last update was June 1st, so there is continual movement. (More on that to follow)

There are a lot of Myths and questions in regards to short sales. Here are a few answered.

Via SHELDA HODGES CIAS CDPE CFS CSP HRC ASD LDPD HAFA WEST PALM & SURROUNDING AREAS (FRANK VERNA PA REAL ESTATE):

Short Sale Myths 1-3 OF 7

 

 

A short sale can be an excellent solution for homeowners who must sell and owe more on their homes than they are worth. Unfortunately, a number of myths about short sales have developed, and it is important to understand the reality of this process should you find it meets your current needs.

 

Myth #1 – The Bank Would Rather Foreclose than Bother with a Short Sale

 

This is one of the most common misconceptions. The reality is that banks do not want to foreclose on your property because the foreclosure process is incredibly costly. Banks, investors, and even the federal government have all publicly stated that if a person is qualified for a short sale, the deal needs to be considered. Overwhelmingly, banks receive more on their investment through a short sale than a foreclosure.

 

The qualifications for a short sale include:

 

  1. Financial Hardship – There is a situation causing you to have trouble affording your mortgage.
  2. Monthly Income Shortfall – "You have more month than money." A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.
  3. Insolvency – The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.

 

Myth #2 – You Must Be Behind on Your Mortgage to Negotiate a Short Sale

 

While this may have previously been the case, today lenders are looking for verifiable hardship, monthly cash flow shortfall, or pending shortfall and insolvency.

 

If you meet these three requirements and believe that you soon may be unable to afford your mortgage, act immediately. Any delay could limit your options. Do not wait until the countdown clock to foreclosure has started and you have even less time left.

 

Myth #3 – There is Not Enough Time to Negotiate a Short Sale Before My Foreclosure

 

This is a myth that probably hurts homeowners the most. Many do not realize that foreclosure is a process, and that there is time to make decisions that may result in better outcomes.

 

The foreclosing party—in most cases a lender—can stall a foreclosure up to the final day of the process. Today, many lenders will stall a foreclosure with as little as a phone call from you explaining that you are trying to sell, and almost all lenders will stall a foreclosure with a legitimate contract. For real estate professionals who understand foreclosures and short sales, there is time available until the foreclosure process is complete.

Distress Propert Expert - ShortSales & Foreclosures in West Palm Beach & Surrounding Areas. PB County

Shelda Hodges ASREOS RCA CIAS CDPE CFS CSP HRC ASD LDPD HAFA

Frank Verna PA Real Estate

601 Heritage Dr Ste 149. Jupiter, Fl 33458

561-308-4663 (M)

561-244-0076 (O)

561-422-4829 (F)

Shelda@Sheldahodges.com   www.Sheldahodges.com http://Twitter.com/Experthodges  Blog http://www.experthodges.com

 

Ellie McIntire Real Estate

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Ellie McIntire, CDPE Howard County Homes for Sale

Ellicott City, MD

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Ellicott City Clarksville Howard County Maryland Real Estate

Address: Ellicott City,Columbia,Woodstock,Woodbine,Catonsville, , Clarksville, Cooksville, Elkridge,Lisbon,Marriotsville,Eldersburg,Oella,Sykesville,, Ellicott City, MD, 21042

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I am a Maryland transplant from many other places, most recently Florida, but since 1997 I have found my true home in the heart of this great State. Maryland has it all. Mountains 3 hours to the West, the Atlantic Ocean 3 hours to the East and head North and South for either Philadelphia and New York or Washington DC. It is the perfect location! The Metro Baltimore area offers a rich mix of history and modern amenities. City living, suburbia or "not a neighbor in sight" is available in this area. Excellent Schools, amazing communities and an incredible location is why many people choose to live in Central Maryland. I proudly help my clients buy and sell all types of homes in Howard County and beyond. Enjoying the entire process is my goal for my clients. Every transaction is different and everyone has different needs. I know the Metro Baltimore area well and I am current on the Real Estate Market activity- That's my job. As your "Buyers Agent" I will work diligently to find you the home that suits all your needs. I will update you immediately when a home matches your search criteria. I will educate you on the current market and help you craft the best offer possible. I will "hold your hand" throughout the entire process. As your "Listing Agent" I will coach and guide you from day one to put your best foot forward when you list your home. I will use aggressive and innovative marketing strategies to give your home the best exposure possible. I will use modern technology and multiple resources that other agents do not use. I WILL PROVIDE YOU WITH PROOF OF ALL MY EFFORTS. I am a full time agent and I my number one goal is to give you exceptional service ALWAYS.


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