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-lieu of foreclosure if you agree to voluntarily transfer title of your property to your mortgage company in exchange for cancelation 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.
As Certified Distressed Property Experts we deal with banks, loan servicer's and asset managers who contact us on a daily basis to help determine the value of their assets. You can be sure that you've selected a firm with previous experience and expertise of local market trends. For more market trends visit www.BaltimoreMarketTrends.com
Call the REALTOR® the banks call to sell their homes. Contact Aaron Rice today 443-244-0051.
Do you want to know what your home is worth in today's Shifted market?
Click here http://www.baltimorehometeam.com/whats-my-home-worth.asp
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 the 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.
Sellers are advised to obtain legal advice regarding the advisability and terms of any short sale agreement with creditor(s) and professional tax advice regarding the tax implications of any such sale.
This process will result in the loss of your home.
Aaron Rice, CDPE, CRS, GRI, SHS
Baltimore Home Team
Keller Williams Realty
3301 Boston St. Suite 200
Baltimore, MD 21224
443-244-0051 Cell
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