Because of the current market conditions, mortgage lenders are more willing to work with borrowers faced with a financial hardship by agreeing to the short sale process. If you are faced with a hardship and are unable to meet your financial obligation on your mortgage, your lender would prefer to settle the matter with you as opposed to taking the property through the foreclosure process.
If you, your family or friends are looking for refinancing strategies, tips for a quick sale or information on purchasing a home, I invite you to call me for valuable information on today's ever changing real estate market.
If you, your family or friends are facing a current or future financial hardship www.BaltimoreShortSaleTeam.com can help please contact me Aaron Rice, Certified Distressed Property Expert (CDPE). 443-244-0051.
Our Client-First Philosophy
There are many qualities and skills that go into being an excellent real estate professional - integrity, in-depth community and market knowledge, marketing savvy, effective negotiation skills and a high-quality professional network, all of which are hallmarks of how I work.
That said, in my experience as a Baltimore real estate professional, I've also found that providing the very best service is essentially about putting my clients first. This means keeping myself accessible, being a good listener as well as a good communicator, and responding quickly to your needs.
This "client first" philosophy has always been my approach and it requires me to continually improve my skills and ways of doing business. In addition, I've found that the latest technologies are enabling me to do everything I've always done, only much more quickly and efficiently. They've also helped me to extend the range of services I provide to my clients.
Are you facing a financial hardship?
4-Temporary Loan Relief Alternatives
1. Forbearanceis an agreement to temporarily let you pay less than the full amount of your mortgage payment, or pay nothing at all, during the forbearance period. Mortgage companies may consider forbearance when you can show that funds from a bonus, tax refund, or other source will let you bring the mortgage current at a specific time in the future.
2. A reinstatement occurs when you pay your mortgage company the total amount you are behind, in a lump sum, by a specific date. This is often combined with forbearance.
3. A repayment plan is an agreement that gives you a fixed amount of time to repay the amount you are behind by combining a portion of what is past due with your regular monthly payment. At the end of the repayment period you have gradually paid back the amount of your mortgage that was delinquent.
4. A loan modification is a written agreement between you and your mortgage company that permanently changes one or more of the original terms of your note to make the payments more affordable. Common loan modifications include
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Adding missed payments to the existing loan balance
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Making an adjustable-rate mortgage into a fixed-rate mortgage
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Extending the number of years you have to repay
4-Permanent Loan Relief Alternatives
1. Assumption permits a buyer who qualifies with the existing lender to take over your mortgage debt and pay the mortgage payments, even if the mortgage is non-assumable. As a result, you may be able to sell your property and avoid foreclosure.
2. Short Sale If you can sell your house but the sale proceeds are less than the total amount you owe on your mortgage, your mortgage company may agree to a short payoff and then write off the portion of your mortgage that exceeds the net proceeds from the sale.
3. Deed-In-Lieu Your mortgage company may agree to a deed-in-lieuof foreclosure if you agree to voluntarily transfer title of your property to your mortgage company in exchange for cancellation of your mortgage debt. In most cases, you must attempt to sell your home for its fair market value for at least 90 days before a mortgage company will consider this option. This option may be unavailable if there are other liens on your home, such as judgments from other creditors, second mortgages, or tax liens.
4. Foreclosure A legal process in which a lender takes the title or forces the sale of a property as a result of the borrower's failure to comply with the terms and conditions of the mortgage.
Contact Aaron Rice today for a confidential conversation.
Aaron Rice, CDPE, CRS, GRI, SHS
Baltimore Short Sale Team
Keller Williams Realty
3301 Boston St. Suite 200
Baltimore, MD 21224
443-244-0051 Cell
410-342-4444 Office
www.BaltimoreShortSaleTeam.com
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