Contact a competent and experienced short sale real estate broker. Almost every short sale is different from the last. They are complicated and should be done by experienced short sale agents only. A short sale agent should be chosen wisely. Talk to friends and family for referrals of agents they have used. Research the agent online and determine if they have experience with short sales in your area.

Second, you may want to consult with a real estate attorney who is well versed in the short sale process. Negotiating a short sale is extremely time consuming with potential legal consequences. A good real estate attorney will protect your rights as a homeowner. Also, many real estate attorneys work hand in hand with real estate brokers to complete the short sale process.

Incompetent parties could mess up the process leaving you with a foreclosure rather than a successful short sale. When choosing your agent and attorney, be sure they have experience, and have a proven track record for completing short sales in the area you live.

Pretty interesting find over at The Big Picture, detailing how to use Google Maps to find foreclosures:

Google Maps keeps evolving, expanding the ability to drill down into granular detail. The latest updated trick? Mapping foreclosures for sale.

Google Maps Foreclosure Listings

1. Punch in any US address into Google Maps.

2. Your options are Earth, Satellite, Map, Traffic and . . . More. (Select “More”)

3. The drop down menu gives you a check box option for “Real Estate.”

4. The left column will give you several options (You may have to select “Show Options”)

5. Check the box marked “Foreclosure.”

I wanted to demonstrate the full extent of Foreclosures in the US, so after setting GMaps on foreclosure listings, I slowly zoomed out of the map. Voila!Most foreclosures that are for sale in the USA are now showing on your screen.

In this recession, everyone is fighting hard. There is no harm in adjusting your practices for the betterment of your future. In fact, it is suggested to downgrade the standard of living temporarily until one establishes financial security for its family. Remember, it is just a season. The quicker you resolve your housing issue, the better the outcome will be for your future. Below are tips and steps to avoiding foreclosure.

Instructions to avoid Foreclosure
1. Do not ignore your lender. The Foreclosure process is inevitable and ignoring your lender will make it more likely for you to lose your home to Foreclosure.
2. Contact your lender if you have or think you will have a problem. Understand that in most cases, your lender doesn’t want your home to go to Foreclosure. They give options to homeowner’s with financial difficulties.
3. Open and respond to any and all mail from your lender. The initial documents they provide you will have good information on foreclosure prevention options. Subsequent mail will have even more important information such as notices of pending legal action.
4. Know your mortgage rights. Find your loan documents and know what your lender can do legally if you cannot make payments.

Credit implications after a short sale or a foreclosure have been an important topic for many who want to maintain their good credit. The only way to prevent damages to your credit is by staying current on your mortgage(s) payments, selling your home via conventional sale, and paying the difference of what you owe to your lender. Otherwise, whichever direction you go, your credit will be negatively affected.

As you’ve probably noticed, the difference in credit score reduction between a short sale and a foreclosure is no different contrary to popular myths. However, the verbiage used in reporting your short sale or foreclosure is different. In the case of foreclosure, it will be stated as a “Foreclosure” on your credit report which may be disadvantageous when looking for a job or another mortgage.
In a short sale, your sale will be reported as “settled as agreed” “settlement in full” “Account legally paid in full for less than full balance” or something along the lines of that verbiage. A mortgage company’s decision to allow another loan may be affected by the outcome of your current home.
Also, one important factor all homeowners must know is you do not need to be late on payments in order to conduct a short sale. Hence in this case, a short sale would have a significantly less ding on your credit score as you will have no late payments.

A foreclosure can make you feel the pain of leaving behind your house and having to make a brand new start. It truly is even more tough when you lost your property as a consequence of medical issues, a loss of your job, or various other circumstances beyond your control.

You possibly can once more become a property owner even immediately after a property foreclosure. It isn’t at all as hard as you may think. A lot of men and women do not even submit an application for a home loan. They imagine that considering they have a bad credit rating no loan provider will lend them the funds.

A good credit rating is especially important if you want to approach a loan provider within the market. But in reality there are still many loan companies who are prepared to lend cash to the individuals having a undesirable credit rating, although it has become far more difficult in the current economy. So you’ll be able to dream about owning a home even soon after a foreclosure.

As quickly as you can following a foreclosure, try to re-establish your credit rating. When you are able to get a home loan make an effort to sustain a consistency in the payments. This will enhance your credit score within just a year. In case you are attempting to eventually get lower rate financing then you need to work hard on bettering your score.

Continue to keep applying for new consumer credit accounts. This may help you to increase your credit rating more rapidly. Try to acquire an unsecured or secured credit card. A department store card will additionally assist you. While you continue to keep paying the account balances of the cards every month, your credit rating improves quicker. Should you be attempting to improve your ratings you will have to consistently keep an eye on your credit.

Just simply taking care of the balances is not enough, however. You have to consider the loan company also. The loan provider who is funding your new house is equally crucial. Secondary cash options ought to also be searched. Subprime loan providers and home loan brokers are great options to try, even though it’s much more challenging in the existing financial climate.

One point for sure is that when your past credit report is undesirable, the established loan providers will not provide you great rates even if they choose to take you on. Many loan providers select the prime applicants. The client with a negative credit rating is charged greater interest and extra fees due to the fact the chances of defaulting are higher with this type of clients.

From 2009 until now, the national mortgage delinquency rate trended downward. However, according to a TransUnion press release, the national mortgage delinquency rate increased between the second and third quarters, rising from 5.82 percent to 5.88 percent. Every state save 10 experienced an increase, with Florida, Nevada, Arizona and New Jersey experiencing the highest rates.

TransUnion ascribes the increase to the tumultuous economic climate. Continued high-rates of unemployment and a caustic stock market hurt homeowners’ financial stability and leave many unable to pay their mortgages.

This increase in the national mortgage delinquency rate shows that Certified Distressed Property Experts (CDPEs) are needed now more than ever.

CDPEs have the resources, systems, and knowledge to help homeowners in distress exit with dignity.

Foreclosure fears foster true grief

Reports of foreclosures by the millions have been in the news so much over the past few years that to some, it might seem like the new normal.

But as a real estate professional who is in the trenches with financially stressed homeowners every day, it never for a second feels to me like business-as-usual.

The prospect of losing ones home is right up there among the major sources of grief, and often, it goes hand in hand with other tragic setbacks such as the loss of a job, a divorce, death of a loved one, mounting medical bills or skyrocketing mortgage payments.

Unfortunately, the first stage of grief is denial, and that’s even more the case when the threat of foreclosure is looming. No one wants to talk about or admit financial troubles—even when millions of others have founds themselves in a similar spot.  It’s completely understandable, but for homeowners who are behind on mortgage payments, decisive action is often the most critical step toward ensuring the best possible solution.

As a real estate professional who has sought out the Certified Distressed Property Expert (CDPE) designation, I help homeowners to deal with every aspect of the grief and uncertainty that accompanies a mortgage which is no longer manageable. In the process, I help them to get on a path of financial solvency.

If you or someone you care about would like to change the course of a life that’s facing foreclosure, I get it and I can help.

Contact me today at (301-333-4444, info@sonattacamara.com).

According to Freddie Mac, 6 in 10 families losing their homes don’t know where to turn for guidance and advice. REALTORS ^®  need to know where to direct their clients for these types of services to both prepare them for homeownership and advise them on methods of keeping their homes once they acquire them.

In Prince George’s County, the Housing Authority offers advice through its Homeownership Preservation Program. For more information on the services they provide, please contact:

www.princegeorgescountyha.org
Email:  homeowner@co.pg.md.us
TELE: (301) 883-HOME (4663)
TTY: (301) 883-5428

HUD-certified housing counseling services in the area that may be helpful to families include:

Remember, financial counseling and education are essential keys to homeownership preservation.

Maryland DHCD Programs to Help During the Mortgage Crisis

On January 14, 2008 Governor Martin O’Malley announced new legislation, emergency regulations and initiatives to help thousands of Maryland homeowners at risk of losing their homes and to prevent future generations of homeowners losing their homes due to foreclosure following the sub-prime mortgage crisis facing our entire nation. These initiatives were created after the Homeownership Preservation Task Force developed by the Governor made recommendations on how to help Maryland homeowners, reform lending practices, lengthen the foreclosure process to make it fairer, and crack down on fraud and unscrupulous practices in the mortgage industry.

The Maryland Department of Housing and Community Development has new programs that will help some homeowners refinance into an affordable mortgage or catch up on missed payments while negotiating a better outcome than foreclosure. The initiative includes the following programs:

Lifeline Refinance Mortgage
Homesaver Refinance
Bridge to Hope

Lifeline Refinance Mortgage  program provides a refinancing option to Marylanders who may be facing difficulties after financing their homes with adjustable rate or other unfavorable mortgages, or with mortgages that no longer fit their financial situation. Borrower must be current on the mortgage with a credit score of 600.

Homesaver Refinance Mortgage Program  provides a refinancing option to Marylanders who have sub-prime or exotic mortgages and are experiencing difficulties as a result of mortgage default, low credit scores and/or a mortgage greater than the current value of their home. The Maryland Housing Fund (MHF), the State’s mortgage insurance agency, is the exclusive mortgage insurer for this program. Mortgage(s) may not be more than two months past due at the time of application.

“Bridge to Hope” Loan Program  provides small gap loans at zero percent interest to homeowners facing difficulty, giving them time to get back on their feet or find a solution. Borrowers must be referred by a CDA-approved housing counseling agency. Borrowers must either be in delinquency or imminent potential of delinquency with no other viable alternatives available.

The link to learn more about these programs is:  www.mdhope.org

HOME FROM WORK

Home From Work is a housing opportunity program designed promoted by the National Association of REALTORS ^®  to help people who can’t afford to live close to their jobs. The program encourages REALTORS ^®  to become advocates for expanding housing opportunities by teaching them how to promote workforce housing initiatives at the grassroots level. REALTORS ^®  will be trained to work with employees to establish an employer assisted housing (EAH) benefit.

According to the National Association of REALTORS, the goal of the Home From Work training program is to educate REALTORS ^®  on the benefits of employer assisted housing and how to reach out to employees. Home From Work is a three-hour training class for REALTORS ^®  and affiliate members. Continuing education credit is sometimes offered. Upon completion of the class, REALTORS ^®  will be ready to approach employers, advocate for EAH programs, and help employers put their programs in place.

For more information go to National Association of REALTORS ^®  (Housing Opportunity Program)

Sale and Land Softly Alternative (SALSA)

A Partnership with The Coalition for Homeownership Preservation in Prince George’s County and
Prince George’s County Association of REALTORS ^®  (PGCAR) to Help Prevent Foreclosures

The PGCAR Housing Affordability Committee in partnership with the Coalition of Homeownership Preservation of Prince George’s County has adopted the “Sale and Land Softly Alternative (SALSA)” program. SALSA, structured after a successful program in Baltimore, partners qualified listing agents and brokers with home sellers facing foreclosure or those not able to afford their home and who simply want to: move on, sell their homes, and reap as much equity as possible from the transaction or limit their liability to the Investor.

The program involves PGCAR members who agree (along with their broker) to list these properties (referred by an HUD-Approved Counselors) for an agreed upon commission rate. (A rate already established by the Coalition). Home sellers are then referred to these agents to list the property at the established rate.

The sales agents who agree to participate in this program do so recognizing that it may take a great deal of time with very little, if any, profit. These agents are those with a truly benevolent nature.

For further information about SALSA please contact Committee Chair, Donna Hurley – 240-737-5000.

Maryland HOPE

In August the state of Maryland announced the Home Owners Preserving Equity program (HOPE) under the Maryland Department of Housing and Community Development. HOPE was created to help homeowners avoid foreclosure, refinance, and switch their adjustable rate mortgages (ARM’s) for more affordable fixed payment loans. HOPE offers loan counseling for borrowers and provides mortgage servicer incentives to restructure problem loans.

The State has committed $2.5 million to the program and Prince George’s County has agreed to $1.5 million.

Homeowners who are having difficulties paying their mortgage are encouraged to seek help with refinancing and credit counseling through HOPE. Call the Maryland HOPE hotline at 1-877-462-7555 or visit  www.MDHOPE.org.

What is www.MDHomePrograms.com?

The Maryland Association of REALTORS ^®  has developed  www.MDHomePrograms.com  to help consumers and REALTORS ^®  find ways to make housing more affordable. Visitwww.MDHomePrograms.com  to obtain a comprehensive index of relevant and innovative housing finance programs. To study tax incentives, down payment and closing cost assistance programs for home buyers that include HUD/FHA, Fannie Mae, Freddie Mac, Maryland Housing and Community Development (DHCD), local government and special initiatives from private lenders. Consumers can learn about selling and buying a home, financial literacy, predatory lending, foreclosure prevention and more. Add  www.MDHomePrograms.com  to your list of valuable contacts.
 

Sonatta Camara,CDSP ®, CDPE ®, CRS ®,GRI ®, MBA, NAR Green,RDCPro, SFR

Broker / Owner  

Camara & Co.

The Real Estate Group  

9500 Arena Dr., Suite 480, Largo, MD   20774

301-333-4444 Office

301-333-2013 Fax

www.WinTheFightWithTheBank.com

Breast Health, Inc., a registered 501(c)3 public charity, assists low-income,  uninsured women & men who have been negatively impacted by breast cancer by providing resources and programs that support prevention awareness.    

Breast Health Inc. is sponsoring a free mammogram screening event at UCAP (United Communities Against Poverty), in partnership with the Mission of Love on Friday, April 8th from 9:30 – 3:30pm on the GW Mobile Mammovan. The event  will serve eligible low-income, uninsured women at Shepard’s Cove and the surrounding area.  

Currently, Breast Health Inc. has scheduled two additional free mammogram screening events for June and August in Prince Georges County. The locations are to be announced at a later date. We will keep you posted on other  activities by Breast Health, Inc. that serves the residents of Prince Georges County.

If you have any questions, please contact Breast Health Inc. at 301-832-6242.

Sonatta Camara, CDPE ®,CRS ®,GRI ®,MBA
Broker
Camara & Co. – The Real Estate Group
9500 Arena Drive, Suite 480,  Largo, MD  20774
301-333-4444 Office
301-333-2013 Fax
http://www.WinTheFightWithTheBank.com