short sale: Help for Distressed Silver Spring, MD Homeowners – Starting Over
- 07/26/12 04:16 AM
While home values are beginning to work their way up, there are still many homeowners with negative equity in their Silver Spring, MD homes. Fortunately, there are several ways individuals can start fresh during these rough economic times. Short Sale A short sale happens when the loan servicer accepts less for the home than what is owed. The first “Great Recession” short-sale took place in 2006, and became increasingly popular in recent years. This is an involved process that requires expert negotiations with the bank, so make sure you work with a Silver Spring, MD Realtor who is also a CDPE – Certified … (0 comments)
short sale: Fewer Homes Underwater in 2012
- 07/19/12 10:45 AM
CoreLogic recently reported that the number of Silver Spring homes underwater has decreased. Since the fourth quarter of last year, the percentage of negative equity homes has gone from 25.2 percent to 23.7 percent. This equates to almost 1 million homes. “In the first quarter of 2012, rebounding home prices, a healthier balance of real estate supply and demand, and a slowing share of distressed sales activity helped to reduce the negative equity share,” said Mark Fleming, chief economist for CoreLogic. “This is a meaningful improvement that is driven by quickly improving outlooks in some of the hardest hit markets. While … (1 comments)
Two government agencies, The Office of the Comptroller of the Currency (OCC) and the Federal Reserve, have initiated an independent foreclosure review for borrowers who lost their homes between 2009 and 2010 from certain loan servicers. Upon review of the application, a Silver Spring homeowner could qualify for up to $125,000 as settlement compensation. This review is separate from the $26 billion “ READ MORE.... If you are a struggling homeowner in Silver Spring, MD who is seeking foreclosure alternatives and would like to learn more about possible solutions, contact Emcee Arah online or call 301.452.5252. As a real … (0 comments)
short sale: National and Local Foreclosure Activity Decreasing
- 07/05/12 12:02 AM
Foreclosures and short sales in Silver Spring, MD are still quite common, but not like they used to be. According to the most recent market report released by CoreLogic, May showed a decrease in foreclosure activity relative to 12 months ago on a national level. “Although the level of completed foreclosures remains high, it is down 27 percent from a peak of 1.1 million in all of 2010,” said Mark Fleming, chief economist for CoreLogic. In May, the national foreclosure inventory total was at 1.4 million homes. This figure accounts for 3.4 percent of all homes. Last year in May, … (0 comments)
short sale: Mortgage Delinquencies at a 3-Year Low
- 06/28/12 04:04 AM
After the housing crisis began in 2008, delinquent mortgage payments became the norm. Distressed homeowners in Silver Spring, MD and around the nation struggled to stay afloat amid a volatile and brutal economy. Fortunately, many positive reports have been released recently. These reports indicate that home sales and values are improving, giving hope to homeowners who are underwater. And thanks to a massive settlement with five major bank lenders, more of these homeowners are being approved for refinances, modifications, and principal reductions. Another bit of good news was just released by the Office of the Comptroller of the Currency (OCC) in a … (1 comments)
short sale: Foreclosure Avoidance Options for Struggling Homeowners
- 06/21/12 01:46 AM
If you are a struggling homeowner in Montgomery County, MD seeking ways to avoid foreclosure, there are options. Loan Modification or Refinance It’s in your loan servicer’s best interest to help you keep your home, so reach out to them and discuss your options. If you don’t qualify for a refinance, talk to them about getting a loan modification. This will not only reduce your mortgage payments, it will also put any outstanding balance on the back end of the loan. Just make sure that you fully understand the terms of your modification. Often times, lenders will do a “trial” … (1 comments)
short sale: More Banks View Short Sales and Preferable to Foreclosures
- 03/08/12 07:39 AM
According to a recent CNN Money article, banks are bending and stretching further and further to avoid foreclosure. In fact, many banks are agreeing to sale prices lower – often far lower – than the mortgage balance just to avoid this move which, while devastating to a home owner, is quite costly for the lender. During the fourth quarter of 2011, short sales were 15% higher than during the same period in 2010. And short sales comprised 10% of all home sales during that same period, according to recent data released by RealtyTrac. Homes in some stage of foreclosure accounted for … (0 comments)
short sale: What IS a Short Sale?
- 01/19/12 10:51 AM
A short sale can be an excellent solution for homeowners who need to sell, and who owe more on their homes than they are worth. In the past, it was rare for a bank or lender to accept a short sale. Today, however, due to overwhelming market changes, banks and lenders have become much more negotiable when it comes to these transactions. But to be technical, here's a more official definition: A homeowner is 'short' when the amount owed on their property is higher than current market value. A short sale occurs when a negotiation is entered into with the … (0 comments)
short sale: Let's Take Another Look at Short Sales
- 10/13/11 12:27 PM
As recently as a few months ago, if you would have told a real estate agent who specialized in short sales that they’d be raving about a lender’s stellar service and rapid approval times—not to mention significant cash incentives for financially strapped homeowners for pursuing a short sale—you’d have gotten some strange looks. That’s all changed. And it’s changed faster and to a greater extent than most real estate professionals ever could have imagined. With a glut of bank-owned properties dragging down the recovery of the real estate market, as well as the national economy, major lenders are more eager than … (1 comments)
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