Commonly Asked Foreclosure Questions Part 1:

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Since I get so many inquiries from consumers asking generally the same questions as it relates to foreclosures and short sales I have decided to do a blog series where I will post two questions every few days. See below the first two questions to start the series:

Commonly asked Foreclosure Questions

What takes place if I miss my mortgage payments or I am behind on my mortgage payments?
Foreclosure can occur, but it does not have to and can certainly be avoided. You can take action to stop foreclosure, even if foreclosure has been filled against you. You now have more options than ever to prevent your home from going to foreclosure. The consequences of foreclosure can have lasting effects on your credit, and you may still owe the bank and the IRS money afterwards. Foreclosure does not wipe the slate clean. In the State of Maryland once you have missed three mortgage payments the bank can file foreclosure on you. This does not mean if they have filed that you do not still have time for other options, but you need to react quick and do not wait. The longer you wait the worse it can be.

What should I do if I am in danger of or miss my mortgage payments?

By reaching out for help from a professional early, when you start missing payments, there is a greater chance of success in avoiding foreclosure. As soon as you anticipate an issue with paying your mortgage payment, contact a qualified professional to help you assess your  situation. Many banks are willing to work with you if you reach out to them immediately, because they understand that individuals and families can face temporary job loss, serious illness, or other major life events that can impact their ability to pay their mortgage. However, it is in your best interest to have somebody represent you that does not work for the bank. If you are interested in a loan modification you need to reach out to a HUD approved counselor in your area so they can help decide if you will qualify for a loan mod. If a Short Sale is the option you seek, you need a qualified Realtor, who has experience with handling short sales. It takes a realtor with a significant amount of experience to handle these complex transactions, make sure you have one that has that experience, and has not just done one or two short sales.

If you are facing foreclosure a short sale may be your best option check out my website at or my blog at for more details, or contact me direct anytime.


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Comments (4)

Lehel Szucs
All Seasons Real Estate, Inc. - Covina, CA
REALTOR of choice

good suggestion -- somebody represent you that does not work for the bank

Mar 05, 2012 10:20 AM
David Spencer
Keller Williams Northland - Kansas City, MO
Show Me real estate in Kansas City

Some sound advice.

Mar 05, 2012 11:03 AM
Richard Iarossi
Coldwell Banker Residential Brokerage - Crofton, MD
Crofton MD Real Estate, Annapolis MD Real Estate


The bank's actions of who they foreclose on, and who they don't is still baffling to me. It seems so random at times.


Mar 05, 2012 12:41 PM
Brandon Brittingham - Salisbury, MD

Thanks for the read guys. Richard, good to hear from you!

Mar 12, 2012 09:24 AM