Salisbury, MD Real Estate News

By Mike Young, FHA 203k Consultant 916-758-1809
(203kOnLine.com, covering the USA)
What is the maximum number of draws on a 203k project?I have had a major lender turn down a loan when our contractor requested 10 draws @$30,000 for a $300,000 construction amount.I set in on a Denver HOC web-cast as I thought we would get some new input or incite. Sadly they were merely reading from the 1994 manual, and mis-reading this portion as so many do. 4240.4 Rev-2 states "Intermediate draws (four maximum) [and one final draw] are inspected by the HUD assigned fee (or DE staff, where applicable) inspector (see paragraph 4-9)."It goes on to state "If the cost of rehabilitation exceeds $10,000, then additional draw inspections are authorized provided the lender and borrower agree in writing, and the number of draw inspections are shown on Form HUD 92700, 203(k) Maximum Mortgage wo...
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By Brandon Brittingham
(www.easternshorehomesolutions.com)
 Exclusive Short Sale  interview with Laurie Maggiano From The US Treasury You may not be aware of the role the US Treasury has played in the housing market over the last few years, but it has had a huge role in getting us on the road to recovery. There is no one single person who has been as influential as Laurie Maggiano, who is one of the architects of the government-backed Making Home Affordable program which created uniform guidelines for loan modifications, HAFA short sales, and foreclosure prevention. Laurie is the Director of Policy for this office at the Treasury Dept. Laurie used to be involved in real estate as a broker and has worked for FHA and in many other housing related positions.     Laurie’s work at Treasury helped servicers and investors not only adopt HAFA short sal...
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By Brandon Brittingham
(www.easternshorehomesolutions.com)
    Bank of America Cooperative Short Sale Program Guidelines and InformationBank of America Co-op short sale program 2012-2013In an attempt to help prevent more people from going to foreclosure, Bank of America has been beta-testing a pilot program called the cooperative short sale program for the last couple of years. The program has worked so well that they have now started to institute it on a broader scale. Cooperative short sales take less time, and generally require less paperwork. Cooperative short sales also offer relocation money above the typical $3000 offered through programs like HAFA. Here are a couple of key points for both realtors and homeowners about the program:Highlights of the program:1. Most cooperative short sales from BOFA fully release the homeowner from deficie...
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By Brandon Brittingham
(www.easternshorehomesolutions.com)
Chase short sale process and timeline     In an attempt to help more consumers who are facing foreclosure Chase has streamlined their short sale process to expedite the short sale process. We will cover the basics on the process and timeline in this article. Chase will let you start the short sale process prior to having an offer on your property but in order to start the process you have to show a legitimate financial hardship, meaning something has happened since you have taken out the loan that has changed your financial picture. Here are examples of what most lenders and investors accept as hardships: Hardships to Qualify for a Short Sale: Loss of employment Business Failure Damage to the property(could have been under insured) Death of a Spouse of wage earner Death of a non-wage ea...
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By Brandon Brittingham
(www.easternshorehomesolutions.com)
  When you’re looking to do a short sale, one of the first things to do is find out who owns your loan! Chances are the company you are paying your mortgage payment to, may not actually own the loan, they just may be the "servicer" of your loan.A short sale can be a very complex process, and every bank and investor has different programs and guidelines that they follow.One of the best things you can do whether you are a homeowner in need of help on a short sale, or an agent trying to help a homeowner, is to understand the situation you are getting in to. One of the key pieces of this short sale puzzle is finding out who actually “owns” the loan, not just who services the loan.To understand short sales you have to have some knowledge of the back end of the mortgage market to understand t...
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By Brandon Brittingham
(www.easternshorehomesolutions.com)
  Interviewing Abel Fregoso, National short sale Field manager for Wells Fargo Wells Fargo short sale process and Changes for 2012-2013 In an attempt to continually refine the short sale process Wells Fargo has recently made some changes to it's short sale process to help the homeowner and real estate agent get through a more fluid short sale process. I recently sat down with the national short sale manager and VP of short sales for Wells Fargo who let us  video interview  him and let us record a webinar training which can be viewed up at www.shortsalecampus.com. Below is what he covered and what we learned:  Wells Fargo has adopted the recent HAFA guideline changes (Home Affordable Foreclosure Alternative) for the benefit of the consumer and real estate agent which include:• $3000 rel...
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By Brandon Brittingham
(www.easternshorehomesolutions.com)
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 QuestionsWhat 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...
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By Brandon Brittingham
(www.easternshorehomesolutions.com)
Acceptable Types of Hardship in the eyes of a bank when it comes to a short sale: Seeing as one of biggest determining factors when applying for a short sale is a viable hardship, I have taken the time to go over what is commonly accepted by every bank when it comes to hardship. Regardless of hardship remember whatever your hardship is, you have to be able to prove it to the bank.   There is  plenty of misconception it seems when it comes to someone understanding what a bank qualifies as an acceptable hardship for a short sale. Although there are exceptions to the rule, for the most part, banks take the approach of verifying that you have a hardship that prevents you from paying your mortgage, and that the hardship occurred after you took the loan out. Remember banks verify this through...
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By Brandon Brittingham
(www.easternshorehomesolutions.com)
See below here are the basic qualifications for a short sale, I hear the question all the time " how exactly do I qualify for a short sale" Although there are a few exceptions this covers the broad base of what all the banks agree on. There are some "grey" areas but this is a basic over view.1. Need to sell : Meaning that this not just a want to sell, because of certain circumstances the homeowner needs to sell(usually caused by some type of financial hardship)In this situation no other work out options will alleviate the hardship, causing the homeowner to have to sell the property. The homeowner may have lost equity and wants to sell, that does not mean they qualify for a short sale.2. Hardship Here is something that a lot of people over look or have confusion on. As mentioned before d...
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By Brandon Brittingham
(www.easternshorehomesolutions.com)
It seems that there is a significant amount of confusion when it comes to purchasing a short sale. There is a lot of confusion and misconception when it comes to these types of transactions, so below I have provided some information to potential buyers of short sales. If you are looking to purchase a short sale, understand that it is not the same as a normal sale and the approach is very different. There could be several parties involved and issues that are unknown to the buyer and buyer’s agent that can affect the transaction. If you are looking to purchase a short sale here is some helpful information.1. On average to get a short sale approval it can take 60-90 days. There could be mortgage insurance and an end investor on the loan as well as the servicer, which means it has to go thr...
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By John Wingate, Salisbury MD Real Estate, 302.339.5185, Salisbury, MD Homes
(EXIT Shore Realty)
Salisbury, MD was created in 1732. Salisbury is at the head of the Wicomico River and this was the only navigable way for settlers out of the Chesapeake Bay. Also in 1732, Salisbury was made an official port and the only other port in Maryland besides Baltimore.  The old logo of Salisbury, Md was, "THE HUB OF THE EASTERN SHORE" could not have a been a better saying for this wonderful town. Salisbury, MD has grown with commerce and culture and having an airport built. They built the Salisbury Airport to be part of World War III military operations and now is a regional terminal.  Salisbury, MD is home of Salisbury University with Wor-Wic Community College down the road. Salisbury is a growing town with lots of culture and history.   Downtown Statue in Salisbury, MD   Downtown Walkway   D...
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By Sam Slabaugh, Financial Planner Serving, Maryland, Delaware, Salisbury,
(EST Financial Group)
  About two out of three American workers are saving for retirement, but less than half are confident that they will have enough money to live comfortably throughout their retirement years.1 However, even those who are confident may not have realistic expectations. Consider that a $250,000 account earning a 5% annual return could provide an income of about $1,000 per month (without dipping into principal). Yet only 10% of workers have savings of $250,000 or more.2 Saving for retirement might seem daunting, but you may be able to increase the amount you are saving without making huge sacrifices. Taking some small steps today might make a big difference when you are ready to retire. Save an extra 1% of your salary each year. Raising your retirement contribution in small increments may no...
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By Brandon Brittingham
(www.easternshorehomesolutions.com)
Event Details:Free Public Seminar for Homeowners Facing ForeclosureHosted by Long and Foster Real EstateThursday, June 16th, at 5:30pmLong and Foster Office1315 Mt. Hermon Rd.Salisbury, MD 21804Registration Phone Number: 410-546-3211Over 11 million people nationwide are currently facing foreclosure. Millions of families have lost their homes in the last several years and over 70% of them did not know they had options to avoid foreclosure. Here, in Salisbury, we're experiencing foreclosures at a rate higher than the national average. Now more than ever in the history of our nation there are options for homeowners to avoid foreclosure.Wicomico County has been hit with hundreds of foreclosures and has several hundred possible foreclosures pending. The good news is there is government prog...
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By Scott Guay, Associate Broker. Ocean City and Ocean Pines MD
(Berkshire Hathaway Home Services PenFed Realty)
                         If you would like to preview any of these Salisbury Maryland area  listings please or give me a call @ 443-614-5676.                     Information is from the multiple listing service and neither suggests nor infers Scott G. Guay or Coldwell Banker Residential Brokerage participated as either the listing or cooperating agent or broker in the sale or purchase of the properties depicted. Whether you are looking for Homes for Sale or selling a home in Salisbury Maryland , hire someone like me, who wants to earn your business. I invite you to contact me as I'd be happy to assist you with this important transaction. In addition, if you have any general questions about Homes for Sale in Salisbury or are thinking of selling your real estate in Salisbury Maryland, ple...
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By Scott Guay, Associate Broker. Ocean City and Ocean Pines MD
(Berkshire Hathaway Home Services PenFed Realty)
                         If you would like to preview any of these Salisbury Maryland area  listings please or give me a call @ 443-614-5676.                     Information is from the multiple listing service and neither suggests nor infers Scott G. Guay or Coldwell Banker Residential Brokerage participated as either the listing or cooperating agent or broker in the sale or purchase of the properties depicted. Whether you are looking for Homes for Sale or selling a home in Salisbury Maryland , hire someone like me, who wants to earn your business. I invite you to contact me as I'd be happy to assist you with this important transaction. In addition, if you have any general questions about Homes for Sale in Salisbury or are thinking of selling your real estate in Salisbury Maryland, ple...
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By Scott Guay, Associate Broker. Ocean City and Ocean Pines MD
(Berkshire Hathaway Home Services PenFed Realty)
                         If you would like to preview any of these Salisbury Maryland area  listings please or give me a call @ 443-614-5676.                     Information is from the multiple listing service and neither suggests nor infers Scott G. Guay or Coldwell Banker Residential Brokerage participated as either the listing or cooperating agent or broker in the sale or purchase of the properties depicted. Whether you are looking for Homes for Sale or selling a home in Salisbury Maryland , hire someone like me, who wants to earn your business. I invite you to contact me as I'd be happy to assist you with this important transaction. In addition, if you have any general questions about Homes for Sale in Salisbury or are thinking of selling your real estate in Salisbury Maryland, ple...
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By Brandon Brittingham
(www.easternshorehomesolutions.com)
Updated Maryland Foreclosure Timeline Tuesday, May 17, 2011 Just for everyone's reference here is the updated Maryland foreclosure timeline breakdown straight from the state.A. The process leading up to foreclosure begins when you receive a "Notice of Intent to Foreclose" in the mail. You are not yet in foreclosure at this point but you should act immediately! Complete the packet you receive in the mail and return it in the envelope that was included.45 days after you get the Notice of Intent to Foreclose in the mail, a foreclosure may be filed in Court. When a foreclosure is filed against you, you will be served with a packet of papers called an "Order to Docket". Maryland law requires that your mortgage company reviews your circumstances to see if you are eligible to avoid foreclosure...
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By Scott Guay, Associate Broker. Ocean City and Ocean Pines MD
(Berkshire Hathaway Home Services PenFed Realty)
                         If you would like to preview any of these Salisbury Maryland area  listings please or give me a call @ 443-614-5676.                     Information is from the multiple listing service and neither suggests nor infers Scott G. Guay or Coldwell Banker Residential Brokerage participated as either the listing or cooperating agent or broker in the sale or purchase of the properties depicted. Whether you are looking for Homes for Sale or selling a home in Salisbury Maryland , hire someone like me, who wants to earn your business. I invite you to contact me as I'd be happy to assist you with this important transaction. In addition, if you have any general questions about Homes for Sale in Salisbury or are thinking of selling your real estate in Salisbury Maryland, ple...
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By JoAnn Moore, Home Loans in Delaware
(The Mortgage Market of Delaware)
Relay for Life Golf Tournament The Bank of Delmarva is hosting it's fourth annual Relay for Life Golf Tournament. It is scheduled for Friday May 20, 2011 and will be held at Nutter's Crossing in Salisbury, Maryland. Registration starts at Noon and the Shotgun Start begins at One. Lunch and Dinner are included. $400 for a foursome. For more information contact Amy at 410.548.1100 or amy@bankofdelmarva.com or Nicole at 410.543.9300 or nhastings@bankofdelmarva.com.     
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