Short Sales To The Rescue!
FOR IMMEDIATE RELEASE
For more information, please contact:
Aaron Rice
443-244-0051
Local Agent Provides Free Government Program Eligibility Surveys to Maryland Homeowners Facing Financial Hardships
Website presents information and answers questions on homeowner eligibility with new foreclosure avoidance resource.
Baltimore, Maryland – May 1, 2010 – Local CDPE-designated agent and community advocate, Aaron Rice of Keller Williams Realty Baltimore has announced the expansion of an information website for Maryland-homeowners in distress:www.AaronRiceHelps.com
This resource now contains eligibility surveys for government programs offering help to distressed homeowners, including the Home Affordable Foreclosure Alternatives Program, or HAFA, which increases the likelihood of a short sale or deed-in-lieu of foreclosure.
“These surveys will let homeowners quickly discover new options made available by the government,” Rice said. “When faced with the possibility of foreclosure, I’ve seen too many homeowners make mistakes because they hadn’t been advised by a qualified professional.
These people didn’t know the options available, or even how to find any information on their situation. My website helps to solve this problem.”
www.AaronRiceHelps.com acts as a hub for information on the facts and issues for struggling homeowners, putting all the necessary information in one, easy-to-use location. With the addition of these new eligibility surveys, the site lets homeowners make educated decisions about their future.
“Seven out of 10 homes that have gone into foreclosure did so without even being listed on the market,” said Alex Charfen, co-founder and CEO of the Distressed Property Institute. “Agents like Aaron Rice with the CDPE designation are helping distressed homeowners understand that there may be options available to avoid foreclosure.”
The CDPE designation provides real estate professionals with specific understanding of the complex issues confronting the real estate industry. Through comprehensive training and experience, CDPEs are able to provide solutions for homeowners facing financial hardship in today’s market.
Why Fight Foreclosure Alone?
There is big news for homeowners in America. In an effort to slow the rising number of foreclosures, a government-backed program has been released: the Home Affordable Foreclosure Alternatives Program (HAFA).
Basically, the program aims to save as many Americans from foreclosure as possible, which also saves the overall value of the surrounding communities. HAFA offers a $3,000 homeowner incentive for successful short sales or deeds-in-lieu, and also guards the homeowner from harmful lender actions.
To learn more and find out if you are eligible, you can download my free report here:
http://www.luxurydistressedpropertyexpert.com/Understanding-HAFA.aspx
With one in six homeowners struggling to make mortgage payments, there is probably someone you know who could use this information. As a Certified Distressed Property Expert, I am trained specifically on how to assist homeowners dealing with financial hardship.
If you or anyone you know needs professional help with foreclosure alternatives, please contact me right away.
I'm here to help.
Aaron J. Rice Realtor®CDPE, CLHMS, CRS, GRI, SHS
Keller Williams Realty Baltimore
443.244.0051 Mobile
410.342.4444 Office
410.342.0873 Fax
www.AaronRiceHelps.com
Aaron Rice Luxury Foreclosure Trends Report: March 2010
National Foreclosure Trends
A Record 2.8 Million Foreclosure Filings Were Reported In 2009!
The foreclosure tsunami that began with faulty sub-prime loans will likely continue to ripple out to higher-priced segments of the housing market. In 2010 as a growing wave of Option-ARM loans recast with higher monthly payments and increasing delinquency rates for prime mortgages which translates into higher foreclosure activity for traditionally low-risk borrowers.
High-end properties are falling into foreclosure; and foreclosure activity on adjustable rate mortgages represented nearly 50 percent of the total U.S. foreclosure activity by the fourth quarter 2010 said Daren Blomquist, Managing Editor of RealtyTrac.
As of January 2010 Jumbo Prime Mortgages by far had the highest year over year deterioration for both delinquencies and foreclosures up almost 180 percent. From the same time period a total of 2.9 Million loans nationally are 90+ days late with the average loan 272-days late up from 2008 when the average loan was 204-days late.
The Foreclosure evolution: As of January 2010 there were 1.8 Million loans in the foreclosure pre-sale status with an average of 410-days delinquent for an average loan in delinquency up from 260-days in 2008, partly because of the foreclosure moratoria, loan modification, loss mitigation efforts and a backlog of foreclosures already in the system. What this means is a total of 8,472,618 mortgages are non-current or bank owned (REO) phase. Source: LPS Mortgage Monitor.
Top Areas for Mortgage Fraud
Maryland Ranked 5th In Mortgage Fraud Cases!
GREENBELT, Md., March 9, 2010 (UPI) -- Authorities Tuesday arrested a Maryland man in what the Department of Justice called a massive mortgage fraud scheme that left victims homeless. Rolando Alonzo Cousins, 31, of Bowie, Md., was indicted Monday on charges of conspiracy to commit mail fraud, mail fraud and money laundering, the Maryland U.S. Attorney's office said in a news release. Prosecutors said the alleged scheme involved promises to help homeowners avoid foreclosure, keep their homes and repair their credit, but ended up leaving victims homeless and with no equity.
BALTIMORE, Maryland – Maryland Mortgage Fraud Task Force members highlighted their progress and plans, including the filing of criminal, civil, and regulatory actions against more than 250 individuals and companies in 2009. With the additional resources now devoted to mortgage fraud, we expect even more cases to be prosecuted in 2010.
Our priorities include pursuing mortgage brokers, lawyers, accountants, appraisers and other professionals who generate fraudulent loans as well as con artists who market fraudulent ‘foreclosure rescue’ and ‘loan modification’ services.” “The FBI is committed to collaboration with our Mortgage Fraud Task Force partners in order to detect, investigate, and prosecute criminals who perpetrate mortgage fraud in Maryland,” said FBI Special Agent in Charge Richard A. McFeely. Download The Common Red Flags:
https://www.efanniemae.com/utility/legal/pdf/commonredflags.pdf
Prince Georges County
Severe Foreclosure Hot Spot
Notice of Foreclosure Sales: Statewide a total of 8,311 notices of foreclosure sales were issued in the fourth quarter of 2009. As a result, Notices of Foreclosure Sales grew by 43.4 percent over the third quarter and grew by 576.8 percent over last year.
According to RealtyTrac property foreclosures in Maryland increased to 16,788 events in the fourth quarter, up 13.4 percent over the previous quarter and up 67.4 percent above last year. The states overall foreclosure rate is one in every 138 homes. That's 6.1 percent above the national average. In 2009 Maryland reported a total of 43,248 properties with foreclosure filings, up 33.7 percent over the previous year.
That means in 2009 one in 54 housing units received a foreclosure filing, ranking the state 13th highest nationwide. Prince Georges County has 319,922 total housing units and recorded a total of 13,412 foreclosure filings for 2009, or 31 percent of the statewide foreclosures while accounting for only 13.8 percent of the overall housing units in Maryland. That means that one in every 24 Prince Georges County home received a foreclosure filing in 2009, the highest concentration of foreclosures in Maryland.
In the fourth quarter of 2009 Loan Defaults in Prince Georges County accounted for 26.8 percent of the defaults statewide, by far the largest share among the State's twenty-four jurisdictions. Severe Foreclosure Hot Spots include: Hyattsville, Riverdale, Bladensburg, Brentwood and Beltsville. Source: DHCD Property Foreclosures in Maryland Q4 2009.
Short Sales Explained
A short sale can be an excellent solution for homeowners who need to sell, and who owe more on their homes than they are worth. In the past, it was rare for a bank or lender to accept a short sale. Today, however, due to overwhelming market changes, banks and lenders have become much more negotiable when it comes to these transactions. Recent changes in corporate policy and the Obama administration have also improved the chances of getting a short sale approved.
But to be technical, here's a more official definition:
- A homeowner is 'short' when the amount owed on his/her property is higher than current market value.
- A short sale occurs when a negotiation is entered into with the homeowner's mortgage company (or companies) to accept less than the full balance of the loan at closing. A buyer closes on the property, and the property is then 'sold short' of the total value of the mortgage.
For homeowners to qualify for a short sale, they must fall into any or all of the following circumstances:
- Financial Hardship – There is a situation causing you to have trouble affording your mortgage.
- Monthly Income Shortfall – In other words: "You have more month than money." A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.
- Insolvency – The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.
This seems simple enough, but it is a complicated process that takes the expertise of experienced professionals. I hold the CDPE® Designation and am ready to identify all possible options and, when possible, assist in the quick execution of a short sale transaction.
If you have questions or feel you may qualify for a short sale, please contact me for a free consultation. Understanding your options now could mean all the difference in the world.
Are You Facing A Financial Hardship?
4-Temporary Loan Relief Alternatives
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Adding missed payments to the existing loan balance
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Making an adjustable-rate mortgage into a fixed-rate mortgage
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Extending the number of years you have to repay
We believe that a Short Sale is the last option that a homeowner has before foreclosure.
Preserving and protecting homeownership and homeowner equity is always the first priority .
Legal & Tax Advice
1. Can my real estate agent explain the short sale process to me?
Answer: The Baltimore Short Sale Team is a group of qualified short-sale real estate specialists. We can clearly and logically help evaluate your situation, explain in detail the short-sale process, and create a strategy.
2. How do I know if my property will qualify for a Short Sale?
Answer: The Baltimore Short Sale Team knows the specific guidelines and understands the short sale process so that your property can be accurately evaluated to address your specific situation.
3. Does my real estate agent know what information I will need to provide to the lending institution?
Answer: The Baltimore Short Sale Team will be able to ask the right questions and provide you with the appropriate paperwork to begin the process of creating a short sale package for the lending institution to review your current financial situation.
4. Does my real estate agent know what “hardship” categories qualify me as a short-sale candidate with the lending institution?
Answer: There are very specific categories that lenders consider as “qualified hardships.” The Baltimore Short Sale Team will be able to review your situation and inform you of the different types of hardships that most lenders consider “acceptable.”
5 . Does my real estate agent know how to create an effective short-sale strategy?
Answer: A short sale will only be accepted by the lending institution if both your property and you meet the lending institution’s guidelines. With the knowledge and expertise of The Baltimore Short Sale Team, every effort will by made to ensure that you have all of the necessary elements documented to qualify for and complete a short sale.
6. Does my real estate agent have prior experience and specialize in working with home owners and lending institutions to create a short-sale transaction?
Answer: This type of transaction has become a real estate niche. The Baltimore Short Sale Team has specialized knowledge and understands the systems required to be successful. As REO Specialists we deal with banks, loan servicers and asset managers on a daily basis. You can be sure that you’ve selected a firm with previous experience and expertise.
7. Does my real estate agent know how to market my home, since timing is essential?
Answer: The Baltimore Short Sale Team has specialized tools for selling your home, including the MLS (Multiple Listing Service), customized websites, bus tours and caravans, open houses, market flyers and brochures. Again, because timing is so crucial, we know about advanced technological services and know how to apply them to the sale of your home. Our specialty advertising includes: toll-free hotlines, fax-on-demand marketing, and 24-hour access to information on your home.
8. Does my real estate agent know how to price my home?
Answer: The Baltimore Short Sale Team understands the current market conditions and how the market is affecting home sale prices. We will be able to back up our assertions with solid proof by obtaining a comparative market analysis to include three items: the listing and selling prices of homes in your area, a description of comparable homes, and the length of time the homes have been on the market. This gathered information will give you confidence that your home’s proposed market value is set at an accurate pricing range.
9. Does your real estate agent have a pricing/marketing campaign for 14, 30, and 45days?
Answer: If your home isn’t seeing much interest by prospective buyers after 14 days, the Baltimore Short Sale Team will promptly be able to provide you with a list of things being done on a regular basis to generate activity. We will provide you with a "Weekly Status Gram" communication vs. you having to continually request updates and make suggestions as to how to sell your home. The Baltimore Home Team has the professionalism and expertise in the short sale market.
10. How do I know if I am really comfortable with the real estate agent I am selecting?
Answer: This is a great question to ask yourself. We have all had times where we went along with a decision because of pressure but knew it wasn’t the right choice. Ask yourself if you trust The Baltimore Short Sale Team and more importantly, if you feel confident in the way we conduct business. We are happy to provide references so that you can be educated with our skill level and expertise in selling your home as a short sale. You are dealing with a very emotional issue…selling your home. Make sure you are making good business decisions during this trying time. If you decide what we have to offer is not for you, then we'll walk away with no pressure. Fair enough?