Baltimore Short Sale

Baltimore MD Short Sale Specialists

Are you facing foreclosure? When it becomes difficult to maintain payments on your property you may be wondering about your options to stop foreclosure. With options such as short sale you may be thinking short sale vs. foreclosure, which is the better way out? Foreclosure is never the answer.

A Baltimore MD short sale begins when your lender is willing to accept less than the remaining balance on the home when sold. Your balance may be more than the homes worth in today’s market, making the request for short sale more acceptable.  You must prove when trying to short sale that it is something you need to avoid foreclosure, not something you want. By claiming your circumstances you must back up your words with documents.  Among these documents is a letter you will write explaining the point in your life that was the turn in your mortgage downfall. Hardships that are acceptable to the lender include but are not limited to: loss of income, divorce, death, medical expenses, as well as many others.

Benefits of a Baltimore MD Short Sale

Short selling your home successfully will show up on your credit report as if it was any other settled debt. This is more appealing to future employers and future lenders than a foreclosure would look. It is the missed payment that cuts your credit down the most. Starting a short sale as soon as possible will help you cut the amount of missed payments down, making your credit score far easier to recover from than a foreclosure ever would. You can qualify for a new loan within two years with a short sale, giving you the opportunity to move forward in life.

It is likely at the close to be forgiven of the deficiency amount. Though this is not guaranteed it is common. This result of this will be affected by numerous amounts of factors such as the way in which your Baltimore short sale Realtor is experienced, the balance of the loan, and the lenders take on forgiving the balance.

All your short sale specialist services are free! The lender will pay all the closing costs and Baltimore MD short sale Realtor fees. Additionally, some lenders will give cash back at closing to struggling borrowers. This is additional to the HAFA program who will give $3,000.00 toward relocation costs.

To contact your short sale specialist to see if you qualify for a short sale call 1-877-737-4903 and get the help you deserve today!

Recovering From a Short Sale 

A short sale can be a tough ordeal for all parties involved, but it can still be possible to recover from one. As a method of debt repayment designed to be a foreclosure alternative, a homeowner can be saved the trouble of putting off mortgage payments and ending up in default. It might even be easier to relocate somewhere comfortable, and even buy another home soon enough. You might even be able to pay off all your loans in the process.

There are still a few kinks to work out after a short sale, though; things like your credit ratings, loan differences, and even deficiency judgments can hamper your ability to fully recover. Not everything is black and white, especially in the world of loan and mortgage payments. It is important for you to be familiar with the many risks and possibilities of a short sale, even after you close out and try to move on.

Watch Out: Potential Pitfalls

So you managed to sell your house after a successful short sale deal. You may think it’s time to start resting on your laurels, but don’t let your guard down just yet; there might be a few more humps to conquer on your road to a debt-free life. You might need to take a few steps back and check to see if you missed a few stops along the way:

●Watch your credit score – Despite many creditors and mortgage associations advertising how a short sale will have a smaller impact on credit than other alternatives, the reality of the situation is much different. While there are cases of short sales not having large impacts on a credit score, all of them will appear significant on your final credit report.

This is because a short sale is much like a foreclosure or deed-in-lieu at the end of the day; your payments will still be considered delinquent.

●Timing and Pace – A typical foreclosure will take months to end, whether a homeowner chooses to stop making payments entirely, or if a short sale is running on the same clock. In states where a deficiency judgment is considered illegal, homeowners are given a special redemption period that can go on for as long as 12 months. This period allows people on foreclosures to recuperate their finances and move on after a foreclosure.

●Many commercial short sales may have something like this; many reports indicate that homeowners become eligible for new mortgage loans much sooner than people who let their homes foreclose.

●Beware of the repo men – Other states where deficiency judgments are legal allow your lenders or banks to come after you for any remaining differences in your existing loans. Not all short sales immediately mean debt forgiveness for a homeowner.

●In most short sales, some banks will require homeowners to sign a promissory note. This note essentially means that the homeowner will agree to pay back the difference between the total amount owed to the bank, and the final sale price of the home in question.

These problems can seem like a lot to swallow, especially after an ordeal as difficult as a short sale. Once you determine these problems, however, a solution may come naturally.

Dealing with the Aftermath

While problems both old and new may arise after you have gone through a short sale, remember that there is always light at the end of the tunnel.

●A credit score is possible to recover, even after something as damaging as a short sale or foreclosure. The total impact a short sale will have on your credit score will depend greatly on how good or bat it was before the short sale happened. Your score may dip by hundreds of points at a time after a short sale or foreclosure.

●If your credit score was already low to begin with, then the total drop might be less severe, depending on the creditor handling the short sale. If you had a high credit score before a short sale, then a bigger chunk of the score may come off.

●Be sure you handle your credit in a much safer and modest manner after a short sale, so that your credit score rises slowly, yet steadily.

●If you are in a state where a deficiency judgment is legal, and lenders end up chasing you for remaining loan differences, seek assistance from non-profit organizations that represent homeowners against the real estate crisis. Handling a deficiency judgment yourself can end up extremely difficult, and may put a vice on your time and money.

●A good attorney can help you wiggle your way out of any inconvenient or draining written clauses that get hairy. The attorney may even prevent a lender from pursuing any further payments entirely. An attorney will cost you money, so make sure you have your finances in order after a short sale before considering this option.

A short sale can seem like a smart move at first, but the consequences may end up coming after the fact. Since we face an unsure real estate outlook, it’s always important to hope for the best and expect the worst, even when a short sale is on the brink of closing. Recovering from a short sale will then become the other half of your battle to a normal financial state. To learn more about short sales and how to recover from them, contact a short sale specialist today!

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

Are you a Maryland homeowner who wants to stop foreclosure on your Baltimore Maryland home,? Our Maryland short sale Realtors offer no cost assistance for you in your short sale! Our Baltimore MD area Distressed Property Expert real estate agents are here to help, and are Certified or trained in the Maryland Home Affordable Foreclosure Alternatives, or HAFA Government short sale program. Our services are 100% FREE to you!

Copyright First Coast Realty Associates 2012

Obama Targets banks for $61 Billion

Republican lawmakers are still criticizing President Obama’s budget proposal. Obama targets banks through a Financial Crisis Responsibility Fee, through which he hopes to raise $61 billion from the nation’s biggest banks. The money is intended to “compensate the American people for the extraordinary assistance they provided to Wall Street, as well as to discourage excessive risk-taking,” according to the budget proposal.

Some of the fees collected from the big bank tax would be utilized to fund the mass refinance program stated in the president’s State of the Union address.  The fee would be against certain firms with assets of more than $50 billion and be given out over a 10 year period starting in the next year.  “The Administration continues to actively implement ongoing Troubled Asset Relief Program (TARP) activities targeted to assist homeowners threatened by foreclosure, including unemployed homeowners and those with negative home equity,” Obama goes on to declare in the budget proposal. 

The president talks about the $10 billion in savings brought to American homeowners through the HAMP, even know after three years the program still isn’t amounting to its original goal of reaching out to 3 to 4 million homeowners within the first two years. An estimated 910,000 loans have been permanently modified as of December. A statement was released this week by The Financial Executives International “Unfortunately, aspects of the President’s proposals to increase revenue would harm American job creators as well,” states the group’s president and CEO, Marie Hollein.

  “FEI observes with concern that the budget proposes roughly $450 billion in tax increases on American businesses over the next 10 years,” states a press release from Financial Executives International.  “So we’re going to tax our most successful job creators, where most – more than half our jobs come from in America – at about 45 percent next year?” House Budget Committee Chairman Rp. Paul Ryan said. “This is really more of a campaign document than a credible fiscal solution to our big budget problems.”

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

Do you want to stop foreclosure on your Baltimore Maryland home,? Our Maryland short sale Realtors offer no cost assistance for you in your short sale! Our Baltimore MD area Distressed Property Expert real estate agents are here to help, and are Certified or trained in the Maryland Home Affordable Foreclosure Alternatives, or HAFA Government short sale program. Our services are 100% FREE to you!

Copyright First Coast Realty Associates 2012

Maverick’s new branch to expand Reverse Mortgage Network

Maverick Funding Corp, in Maryland, is showing a new branch of its subsidiary, Reverse Mortgage Network. The expansion is set to start conducting in the first two quarters of 2012. Forty loan officers from within Baltimore based Great Oak Lending will be the new addition.  Josh Shein, Great Oaks former CEO, will gather with Maverick to lead, manage and launch Reverse Mortgage Network’s new location.

Within the next six months all forty employees of Great Oak will relocate to Maverick and the company is in hopes that its Maryland operations will be ready to take off by the middle of February. Maverick’s CEO, Ralph Vitello, said in a company statement that he does expect Reverse Mortgage Network to be one of the top 10 reverse mortgage lenders in the United States. Shein spoke out on the transaction between Great Oak and Maverick, stating, “There is tremendous opportunity with Maverick Funding’s Reverse Mortgage Network.

The company is experiencing rapid growth, the people are terrific to work with, and I’m really looking forward to being part of this group as we move forward providing diversified offerings to seniors in the United States who wish to age in place.”  Dino Guadagnino, vice president of Reverse Mortgage Network, added, “The additional officers, and branch offices, will provide a significantly larger footprint for Reverse Mortgage Network, catapulting the company into a whole new level. We welcome our new colleagues, and are excited about what the future has to hold.” 

Maverick’s president, Mike Petruccelli, also extended his thoughts on the new initiative, saying, “We are incredibly energized by the growth that both Maverick Funding and Reverse Mortgage Network are experiencing. We’re confident that, by providing the right products and outstanding customer service, we will continue to expand the two organizations, their geographic availability, and the offerings we can make available to our clients.”

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

Are you a Baltimore Maryland homeowner who is looking for options to stop foreclosure on your Baltimore Maryland home,? Our Maryland short sale Realtors offer no cost assistance for you in your short sale! Our Baltimore MD area Distressed Property Expert real estate agents are here to help, and are Certified or trained in the Maryland Home Affordable Foreclosure Alternatives, or HAFA Government short sale program. Our services are 100% FREE to you!

Copyright First Coast Realty Associates 2012

Citi Will No longer Originate New Mortgages

Citigroup announced on Wednesday that they will no longer originate new mortgages through its wholesale broker channels. In the fourth quarter, Citigroup originated $2.1 billion in new home loans, which was down 3% from the same time in the previous year.

Wholesale lending is when the mortgage brokers get together documentation and information on the homeowner and pair them with a lender. The broker will then be paid a yield spread premium on the loan.

Correspondent lenders, which other major firms such as Bank of America exited last year are connected with a specific lender and are allowed to approve mortgages before selling the loans to the institution.

 By exiting the wholesale business, Citi says they would be able to invest more resources in its correspondent and retail channels. “Strategically, this move allows us to focus our attention and efforts on our retail and correspondent channels, which have the highest opportunity of increasing long-term engagement with our clients,” the bank said in a statement. The bank has said it was move most of its employees within the broker channel to “similar roles within the business.”

Vacant Homes See A Decline

Vacancy rates seem to be decreasing according to data released by the U.S. Census Bureau. The national vacancy rate regarding single family non rental homes dropped to 2.3% in the fourth quarter of 2011, which is down from 2.7% at the beginning of last year. The decline in vacancies is due to fewer foreclosures and more home sales in 2011.

Foreclosures were down 39% from 2010, reported RealtyTrac, and showed a 1.7% annual increase in existing home sales. Paul Diggle, property economist with Capital Economics, said it is just another sign that inventory is slowly but surely being cleared. It “leaves the visible inventory at a level consistent with house prices bottoming out later in the year,” according to Diggle. 

According to the Census Bureau homeownership dropped to 66.0%, which is the lowest level in an estimated 14 years.  “What’s more, despite median mortgage costs being more affordable than ever and early signs that mortgage credit is becoming more available…the seven-year downturn in homeownership may still have further to run,” he warns. The housing market is progressing, but expect things to make its turn around at a slower pace.

 Diggle says the good side of things is that there are more households in the rented sector and less properties without tenants; he also expects the rental value to grow at least 3% this year.  With house prices still on the decline, Diggle is confident homeownership will once again see an essential part of the American Dream. The decrease in homeownership nudged the share of households in rented accommodations up, from 33.6% at the start of 2011 to 34.0% in the fourth quarter.

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

Are you a homeowner who needs to  stop foreclosure on your Baltimore Maryland home,? Our Maryland short sale Realtors offer no cost assistance for you in your short sale! Our Baltimore MD area Distressed Property Expert real estate agents are here to help, and are Certified or trained in the Maryland Home Affordable Foreclosure Alternatives, or HAFA Government short sale program. Our services are 100% FREE to you!

Copyright First Coast Realty Associates 2012

Court Rejects robo signing lawsuit

It was ruled in a Maryland courtroom that homeowners will lose the right to file a subsequent lawsuit against a foreclosure proceeding of the grievances are not said during the original foreclosure. In the state of Maryland all foreclosures are to go through the courts.

The Smalley versus Shapiro & Burson ruling was given and said the homeowners didn’t bring any robo-signing accusations to the surface the very first time around and that they would not get a second chance. The representative of the defendants was Ballard Spahr, and he successfully argued for a preclusion claim for matters already judged.

Both homeowners, Pamela Ball and Charles Smalley, lost their homes in a foreclosure, and once the court awarded the lenders, the two former homeowners came together to bring class action proceedings against the law firm Shapiro & Burson, saying their mortgage documents were robo-signed.

 “Plaintiffs argued that attorneys fees assessed against them in the state-court foreclosure cases were improper because of the alleged “robo-signing” activities,” said an email from Ballard Spahr’s Consumer Financial Services Group. “The court dismissed the case in its entirety, ruling that plaintiffs could have raised their claims in the state-court foreclosure proceedings.”

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

Are you looking for information how to stop foreclosure on your Baltimore Maryland home,? Our Maryland short sale Realtors offer no cost assistance for you in your short sale! Our Baltimore MD area Distressed Property Expert real estate agents are here to help, and are Certified or trained in the Maryland Home Affordable Foreclosure Alternatives, or HAFA Government short sale program. Our services are 100% FREE to you!

Copyright First Coast Realty Associates 2012

How Long Will It Take For Short Sale Approval?

The concern of how long will it take for short sale approval to be received or handed down is actually something that is very hard to answer categorically.  The main reason is that you would need to look closely at the situation of the lending bank along with a host of other factors that can affect the entire approval process. The timeline for approval of a short sale transaction can run from as little as a few weeks up to almost six months.  This is something that majority of homeowners need to deal with and understand in order to avoid facing foreclosure on their properties. Although the timeframe is considerably long, it is important to understand that the short sale transaction remains as one of the best options open to every homeowner facing financial challenges. 

One of the determinants on how long will it take for short sale approval to be received is how fast the homeowner decides on using this type of transaction to settle outstanding financial obligations.  The faster they decide and pursue the short sale transaction, the faster the approval process can begin.  Let us take a look at other factors that will affect the approval time.

1. Competent real estate agents or companies.

There is no doubt that one of the determining factors on how long will it take for short sale approval to be received is the choice of short sale specialist.  Many homeowners are not aware that the short sale transaction is a relatively new field of the real estate industry.  This means that an experienced real estate agent is an automatic assurance that they will get competent service.  They need to acquire the services of short sale specialists with a solid background on closing these types of transactions. Having a novice or inexperienced real estate agent handle the short sale transaction can lead to a number of potential problems like wasting time with unprepared buyers or incomplete submission of documentary requirements among others.  There is also the inherent danger that the real estate agent may give the wrong advice preventing the homeowner from making an informed decision. 

There are a number of real estate agents that look solid on the surface, but once you go deeper, you will see that they do have not successfully closed a substantial number of short sale transactions.

2. Number of liens on the property.

Another factor that will affect how long will it take for short sale approval to be released is the number of liens on the property.  Every experienced real estate agent knows that dealing with one lender is challenging enough, but dealing with multiple lenders can be very complex.  This is why; one of the determining factors on the approval time for short sale transactions is the number of liens on the property. Basically, each additional mortgage on the property represents an additional one to two months of processing time.  Another thing to consider in terms of multiple liens is the type of liens associated with the property.  If a property is under a mortgage lien and a home equity lien, then this can mean an extremely extended processing time for the approval of the short sale transaction. 

Homeowners should realize that lender banks do not want to lose out on their investments, which is why there is often a squabble over the money that will be potentially generated from the sale.  This further highlights the need for short sale specialists.

3. Keep track of the names and number of the lenders.

In relation to the previous factor, the real estate agent should be able to keep track of all the names and numbers of the lenders holding a lien on the property.  It is not impossible for a competent real estate agent to negotiate short sale for a property that has three to five liens. However, this goes to the competency and strong background of the short sale specialist. There is no question that the more lenders involved, the longer and more complex the transaction will become.  You do not want to complicate the entire process by failing to follow up and constantly communicate with all the lenders involved. 

There are some lenders that may demand unsecured promissory notes from the seller or a higher payment than usual.  It is up to the real estate agent to negotiate these details to ensure that approval is secured at the shortest time possible.

4. Banks hold the key.

If you want to have a clear idea on how long will it take for short sale approval to be given out, take a close look at the condition of the bank holding the lien on the property.  The reaction time of banks varies distinctly based on their current manpower and ability to deal with various types of loans.  There are banks that have earned the reputation of being notoriously slow when dealing with short sale transaction approvals like Wells Fargo and Bank of America among others.

By far, the fastest approvals of short sale transactions and requests come from small local banks along with the VHDA.  Involvement of organizations like Fannie Mae will also add a few weeks to the processing timeline.  In general, when it comes to short sale transaction approvals, the bigger the bank the longer the processing time it takes.

5. Complete short sale package.

The short sale transaction is widely considered as documentation intensive, which means that lender banks rely heavily on the accompanying paperwork.  Therefore, submitting a short sale package that is incomplete will add to the processing time required to secure an approval from the lender.  In most instances the file gets relegated to the bottom of the pile and without regular follow up from the real estate agent, it fades into oblivion. To have a general idea on how long will it take for short sale approval from submission, take into consideration the following steps to the process:

• Acknowledgement of bank
  
• BPO or appraisal order
  
• Review of short sale file
  
• Assigning of negotiator
  
• Possibility of assigning a level 2 negotiator
• Submission to mortgage insurance company approval and/or investor approval
  
• Approval or rejection of short sale
  

Homeowners should be aware that if the processing time goes beyond 120 days, there is a possibility that the real estate agent is not paying close attention to the short sale transaction.  In determining how long will it take for short sale approval to be granted, it is wise to also look into potential internal problems of the bank aside from the competency of the real estate agent. A qualified and experienced Baltimore MD short sale Realtor is key to any short sale and gives the homeowner the advantage of a faster approval time. Our agents acquire the knowledge, skill and experience it takes to insure a successful short sale as well as a promising future for you. Our services are also 100% free to you because we understand that you have already been through enough in your financial burden and want nothing more than to see you through your short sale and moving forward in your life. Contact us today and let’s get your short sale approval in the works!

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

Do you need to stop foreclosure on your Baltimore Maryland home,? Our Maryland short sale Realtors offer no cost assistance for you in your short sale! Our Baltimore MD area Distressed Property Expert real estate agents are here to help, and are Certified or trained in the Maryland Home Affordable Foreclosure Alternatives, or HAFA Government short sale program. Our services are 100% FREE to you!

Copyright First Coast Realty Associates 2012

How Does a Short Sale Impact Credit?

A short sale can impact your credit in numerous ways. Since you are going to be selling your home to pay less than the original amount owed to your lenders, there will generally be a negative impact on your credit report. Some circumstances, however, may allow this record of a short sale to appear significantly better than other options, like going into a default or a foreclosure. In rare occasions, it may not even be a negative impact at all.

Minimizing the Impact of a Short Sale on Credit

The chances of this actually happening, however, are few and far in between. Other factors can affect the amount of damage a short sale does to a credit report, such as:

●Early or late payments which are made before a foreclosure can significantly affect a credit score.

●Working closely with lenders to negotiate the terms of a short sale can also tip the scales to a borrower’s favor.

●The time it takes to close out a deal may affect the final credit impact of a short sale, as well as a homeowner’s ability to find another home.

While it is entirely possible to take steps like these to minimize the impact, it can be very hard to accomplish even with the assistance of a short sale expert.

How Short Sales Affect Credit Scores

A short sale affects your FICO score, which is the prevalent bureau-based credit scoring system used by most banks and creditors today. According to FICO guidelines, three particular credit events will decrease a credit score significantly:

1. Serious Delinquency – Late payments, or complete failure to pay back debts, can take a serious toll on a FICO credit score.
2. Derogatory Public Records – Previous records or other derogatory items that remain on a credit report deduct points from a total FICO score.
3. Collection Filed – The presence of a collection can also affect your ability to take out future financial transactions.

Most public records and collections will stay on the average credit report for no more than seven years, according to FICO guidelines. Bankruptcies, however, may last up to ten years on a credit record.

As a general guideline, a good FICO score to have is 700 or above. The average median FICO score penalties for short sales, foreclosures, deed-in-lieu, bankruptcies and delinquent payments are as follows:

● Bankruptcies – 130 to 240 points

● Deed-In-Lieu, Short Sale or Foreclosure – 85 to 160 points

● 90 Days Late – 70 to 135 points

● 30 Days Late – 40 to 110 points

Something to note here is that the late payments are what affects a negative credit score; penalties have only little to do with the fact that you took out a short sale.

A short sale is grouped along with a foreclosure in these statistics, because experts believe that the effects of a short sale are identical to that of a foreclosure. However, the impact a short sale has on a credit record may vary; some may experience FICO score losses larger or smaller than the medians explained here.

Recovering from a Short Sale

Recovering from a bad credit score is also a reason why people take out a short sale instead of foreclosing or going into bankruptcy. Based on FICO Score Guideline #22, bad marks on your credit report like a foreclosure or short sale will not disappear for up to seven years. Bankruptcies, on the other hand, will be on your final credit report for up to ten years after declaration.

While the effects a short sale has on a credit score are similar to that of a foreclosure, your ability to recover may be entirely different. A short sale will generally be easier to recover from rather than a foreclosure even if your credit score is significantly lowered, so long as you are able to coordinate well with lenders and banks. Here are some advantages a short sale has on your ability to find a new home:

●Fannie Mae guidelines allow sellers to apply for new home loans immediately after a short sale, so long as the homeowner was able to keep payments current throughout the ownership of a home. Sellers must also disagree to pay debt relief, and must have no delinquencies exceeding 30 days.

●Missing out on payments will set back a short seller’s ability to take out a new loan for a home by months, but not nearly as much as a foreclosure or declaring bankruptcy will.

Be aware that certain terms and conditions can apply to these rules. Some borrowers may still not be able to walk away with a clean slate after missing payments, or getting low deductions from their overall credit scores. A variety of lenders or other financial institutions may still treat a short sale as a serious delinquency. That does not mean your overall ability to recover is not hampered; other financial institutions may not hesitate to deal with you, even if your credit score says otherwise. A lot of homeowners who have taken out a short sale end up recovering their FICO scores back into acceptable thresholds, regaining their financial freedom once again. 

While a short sale can affect your credit score, the first thing you should worry about after taking one out is getting your finances in order. With the help of a short sale specialist Realtor, you will be able to better understand the ins and outs of a short sale and what to expect for your future. Short Sales are becoming increasingly popular due to the significance they are have on a homeowner’s future, and because with a short sale, you have the ability to count on someone to help you through a successful ending to your hardship. Our network of highly experienced Baltimore MD short sale aspecialists work hard to get homeowners back on track and optimistic once again about their future. Contact one of our eagerly energized short sale experts now!

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

Do youw ant to stop foreclosure on your Baltimore Maryland home,? Our Baltimore MD area Distressed Property Expert real estate agents are here to help and affer FREE short sale services, and are Certified or trained in the Maryland Home Affordable Foreclosure Alternatives, or HAFA Government short sale program. Our services are 100% FREE to you!

Copyright First Coast Realty Associates 2012

Housing Market Looks Promising

The housing market recovery is starting to look a little more uplifting. Paul Dales, Chief economist at Capital Economics says “it is clear that housing recovery is now well underway.” A way in which this can be obvious is if you take a look at home sales in the past three months, which has shown a 5% increase since December. 

 “The pattern of home sales in recent months demonstrates a market in recovery” said Lawrence Yun, chief economist for the National Association of Realtors. Yun gathers his evidence from “record low mortgage interest rates, job growth and bargain home prices.” Homes that were in distress made up 32% of sales in December, said NAR. However, homes in the foreclosure process closed at 22% below market in December.

The demand for investors continues to remain with 21% of homes sold in December heading to investors after this category of buyers grabbed 19% of purchases in November and 20% just a year ago. Cash sales, however, made up 31% of the month of December’s existing home sales. In November, this rate was at 28%, and just 29% a year before.

In December, purchases by first time home buyers decreased and were accounted for 31% of purchases in December which was down 35% in November and 33% in December 2010. The housing inventory has fallen to its lowest level since 2005, leaving an estimated 2.3 million homes still on the market for sale.

 “The inventory supply suggests many markets will continue to see prices stabilize or grow moderately in the near future,” Yun said. “Housing still won’t contribute much to GDP growth over the next few years, but at least it will no longer subtract from it,” Dales says.

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

Trying to stop foreclosure on your Baltimore Maryland home,? Our Baltimore MD area Distressed Property Expert real estate agents are here to help, and are Certified or trained in the Maryland Home Affordable Foreclosure Alternatives, or HAFA Government short sale program. Our services are 100% FREE to you!

Copyright First Coast Realty Associates 2012

Wells Fargo and Attorney general reach agreement

One of the nation’s largest banks, Wells Fargo, and a Maryland Attorney General, Douglas Gansler, have reached an agreement to settle allegations that two companies in which Wells Fargo acquired in 2008 used deceptive practices to market adjustable-rate mortgages. Wells Fargo has made an agreement to pay $940,056 to the attorney general’s office for restitution to borrowers who were affected and lost their home because of foreclosure.

Gansler’s Consumer Protection Division said that Wachovia and Golden West Financial have offered borrowers a “pick a payment” mortgages without letting them know that their minimum payments would never cover the full interest and they their principal debt would just increase over time. Wells Fargo will take into consideration loan modifications for homeowners who have “pick a payment” contracts, by using the Home Affordable Modification Program. If the homeowner were not able to be approved for the HAMP modification then Wells Fargo would use its own proprietary loan modification program.

 These modifications may include principal forgiveness, loan extensions, interest rate reductions, and/or principal forbearance. “Especially in these difficult times, we focused this agreement on securing relief for vulnerable homeowners and those who have faced foreclosure,” said Attorney General Gansler. “Wells Fargo is addressing these particularly troubling issues with mortgages issued by companies that Wells Fargo acquired.” There have been eleven other attorney generals who have come to similar agreements with Wells Fargo which were related to the practices employed by Wachovia and Golden West before they became Wells Fargo.

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

Trying to stop foreclosure on your Baltimore Maryland home,? Our Baltimore MD area Distressed Property Expert real estate agents are here to help, and are Certified or trained in the Maryland Home Affordable Foreclosure Alternatives, or HAFA Government short sale program. Our services are 100% FREE to you!

Copyright First Coast Realty Associates 2012