struggling homeowner montgomery county: Advocates Push to Renew Mortgage Forgiveness Debt Relief Act
- 12/06/12 12:57 AM
Image Courtesy of Renjith Krishnan / FreeDigitalPhotos.net CoreLogic has reported 58,000 foreclosures for the month of October 2012. While this is a 17 percent decrease from 2011, it is still a strong indication of a struggling real estate economy. Homeowners in Montgomery County, MD and across the nation are still actively pursuing foreclosure solutions, with the most popular solution remaining a short sale. Not surprisingly, the Center for Responsible Lending (nonprofit) and the Financial Services Roundtable (a group of representatives from the nation's largest financial institutions) have united in support of the Mortgage Forgiveness Debt Relief Act's extension. Currently, this legislation is set to expire on December … (3 comments)
struggling homeowner montgomery county: Get cash to sell the home you can’t afford
- 11/07/12 10:05 PM
Since the beginning of the housing crisis, millions of homeowners have found themselves pinned in by their financial circumstances and chained to a mortgage on which they owe more than their home is worth. In the past, homeowners enduring these challenges had very few options, and most would be forced to lose their home to foreclosure.
Today, however, there are more options. The government and the banks have created a multitude of programs and foreclosure alternatives that can help people in these circumstances find a dignified solution for their problems without crippling their financial future. These options include loan modifications, … (1 comments)
struggling homeowner montgomery county: The Snowball Effect of Foreclosures
- 11/01/12 09:35 AM
The Center for Responsible Lending released a report last week titled, "Collateral Damage: The Spillover Cost of Foreclosures." This report gives valuable insight on the effect a foreclosure has, not just on a homeowner, but on a community as well. · Between 2007 and 2011, 10.9 million homes went into foreclosure. · Homeowners who lived within close proximity of these foreclosures lost a total of...Continue Reading The Snowball Effect of Foreclosures … (1 comments)
struggling homeowner montgomery county: A Short Sale is Usually the Best Longterm Foreclosure Alternative
- 10/25/12 03:52 AM
In September of 2012, Montgomery County had just under 1,000 homes active in some part of the foreclosure process: · 82 percent had foreclosure papers filed · 10 percent were bank-owned properties · 9 percent were in the process of being auctioned This recent foreclosure activity is less than it has been in the past 3 months, but greater than it was in June and March of this year. The highest concentration of new foreclosure properties is located in Silver Spring , while the city with the highest percentage of new foreclosure properties is Burtonsville. It is evident in these figures … (1 comments)
struggling homeowner montgomery county: Short Sale Options
- 10/18/12 12:37 PM
Distressed homeowners in Silver Spring, MD are in desperate need of foreclosure solutions. Loan servicers have become more flexible and accommodating with respect to approving modifications and refinances, but not everyone qualifies for these alternatives. Fortunately, these are not the only options for homeowners who are struggling to meet their mortgage obligations. Short sales have become increasingly popular since the start of the housing crisis. As a result, the short sale process - once arduously long, unstructured and stressful - is now more streamlined and efficiently organized. If you have exhausted all other foreclosure alternatives and would like to 'short sell' … (0 comments)
struggling homeowner montgomery county: Foreclosures Continue to Decline
- 10/11/12 01:18 AM
Foreclosures have fallen to their lowest levels in the past year and a half, and August marked the fourth month of continuous decline. This is positive news for the real estate market and housing economy. To put this into actual numbers, 57,000 homes were foreclosed on in August, down from 58,000 in July and 75,000 a year ago (representing a 24 percent decrease!). There are also fewer foreclosures in the processing pipeline. Currently, 1.3 million homes with a mortgage have begun foreclosure proceedings. This is down from last year’s 1.4 million homes. Why are we seeing these decreases? Continue Reading... … (1 comments)
struggling homeowner montgomery county: Foreclosure Prevention for Homes in Silver Spring, MD
- 10/03/12 11:08 PM
Earlier this year, five banks were charged with unethical and illegal foreclosure practices in the “Robo-Signing” scandal. As a result of this huge $25 billion settlement, all banks involved – Wells Fargo, Bank of America, Ally, Citi, and JP Morgan Chase – were required to implement 320 service standards within 180 days of the settlement date. This deadline arrived Tuesday, October 2, 2012. The designated settlement monitor, Joseph A. Smith, Jr., who has been placed in-charge of ensuring complete compliance, issued this statement Tuesday: “As of today, the five banks subject to the settlement are required to operate in full compliance … (0 comments)
struggling homeowner montgomery county: Negative Equity Fuels Strategic Defaults
- 08/09/12 01:21 AM
Silver Spring, MD homes continue to experience relative stability when compared to the nation. Only 0.05 percent of Silver Spring homes and Montgomery County homes are in foreclosure, which is below the state average of 0.07 percent and the national average of 0.14 percent. According to Zillow’s Negative Equity Report, about 15.7 million homeowners nationwide – or 31.4 percent – are underwater. Of these homeowners, one out of every ten are delinquent on their mortgage, 10 percent of which are 90 days past due. “While it was disappointing to see negative equity numbers remain so high, it is important to note … (0 comments)
The county is also far below that national and state average foreclosure rates.
Unfortunately, there are currently many distressed homeowners in Montgomery County who are still fighting off foreclosure. If you are one of the many trying to prevent foreclosure, know that you do not have to do it alone. To learn more about foreclosure alternatives, contact Emcee Arah and DeeCee Real Estate online or call 301.452.5252. As a real estate professional who has earned the Certified Distressed Property Expert (CDPE) designation, Emcee and his … (0 comments)
struggling homeowner montgomery county: On the Road to Recovery
- 05/24/12 12:54 AM
The National Association of Realtors (NAR) recently reported that the housing market is on the road towards recovery. Silver Spring, MD homeowners have been seeing increases in home values in the DC metro area since last year. Now the rest of the nation is catching up, which is great news for the housing economy as a whole. While real estate professionals and economic analysts agree that all data is pointing towards improvements in the market, not everyone agrees on how long these improvements will last. There is still much uncertainty in the economy, and while consumer confidence is higher than … (1 comments)
struggling homeowner montgomery county: Shadow Inventory in the DC Metro Area
- 05/17/12 01:15 AM
Home values in the DC metro area have been moderately suppressed this year due to “shadow inventory.” Shadow inventory is the foreclosure and REO inventory that banks are holding in their pipeline. Many consumers, and some real estate professionals, fear that the real estate market will be flooded with these properties, causing the value of homes in the DC area to decrease. There are a few reasons why this issue does not pose as great a risk as some think. While recent federal guidelines placed on major banks have caused the foreclosure process to be sped up, the process is … (0 comments)
struggling homeowner montgomery county: Bank of America Extends Principal Reductions and Modifications to Struggling Homeowners
- 05/10/12 12:56 AM
Beginning as early as next week, certain homeowners in Montgomery County who have delinquent mortgages with Bank of America will receive offer letters in the mail. These letters will be mailed to about 200,000 borrowers around the country. The criteria to qualify are very specific: · The homeowner must owe more on their home than it is worth. · The homeowner must be at least 60 days late on their mortgage payments as of January 31, 2012. · The homeowner’s gross monthly expenses must be at least 25 percent of the gross annual household income. · The subject loan must … (1 comments)
struggling homeowner montgomery county: Montgomery County, MD Foreclosure Report
- 05/03/12 12:28 AM
The national homeownership rate has dropped to its lowest level since 1997 according to a report released by the Census Bureau on April 30, 2012. This decrease was seen in all four census regions, with the largest drop reflected in the Northeast region. Though overall foreclosure activity in Montgomery County, MD has dropped since May of 2011, the county still continues to remain active, with cities Damascus, Clarksburg, and Germantown taking the lead. The least active cities are Dickerson, Boyds, Pooleville, and Bethesda. Silver Spring, MD has the highest number of new foreclosures, with about 33 percent of the county’s … (0 comments)
Image Courtesy of Renjith Krishnan / FreeDigitalPhotos.net CoreLogic has reported 58,000 foreclosures for the month of October 2012. While this is a 17 percent decrease from 2011, it is still a strong indication of a struggling real estate economy. Homeowners in Montgomery County, MD and across the nation are still actively pursuing foreclosure solutions, with the most popular solution remaining a short sale.
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