Effective Friday January 16th HUD released new guidelines for their mortgage assistance programs. Effective immediately homewoners will no longer need to be behind on their payments to seek mortgage assistance. If a homeowner can document a hardship, mortgage servicers will review their files p
...
01/25/2010
The Treasury Dept. is scheduled to release new guidelines on the Home Affordable Modification Program (HAMP) by the end of the month. Rumors have it that there will be less paperwork needed by the homeowners to expedite the process. I would anticipate this is being done to alleviate the backlog
...
01/22/2010
There is a huge debate amongst the public as to whether walking away from your mortgage makes sense. The number of homeowners "strategically defaulting" on their mortgages are also causing alarm within the lending community and our federal government. What we are seeing is that Loan Modification
...
01/20/2010
Boy I here this one a lot. " After dealing with my lender for several months I finally was denied for a loan modification? Now what? Here are my suggestions: If you would like to keep your home Try Again, just because you were denied the first time, does not mean you should give up hope. Co
...
01/19/2010
Maryland has led the country is some of their foreclosure prevention efforts and Gov. O'Malley is working hard to prevent the foreclosure challenge here in Maryland. Maryland has set up a Pro-Bono Foreclosure Prevention Project where homeowners may discuss their situation with housing counselor
...
01/18/2010
New Treasury guidelines for banks and servicers will impose a 10 day turnaround time on "short sale" offers. The 83 participants in the Home Affordable Modification Program will have new guidelines covered under the Home Affordable Foreclosure Alternatives Program. Below is a brief summary: Forec
...
01/13/2010
Well, here we are into the 4th year of the nations housing crisis and still our government has not found the solution to prevent foreclosures. They have tried loan modifications and the numbers increasingly show that they are not working. The are now implementing a "short sale" plan and we wil
...
01/08/2010
I get this question a lot, "How will a Short Sale impact my credit?" Well, this is a tough question and one that I cannot give an exact answer. Many people suggest that a homeowners credit will be negatively impacted, but to what extent? I had a client whos credit score actually went up afte
...
01/06/2010
Are Short Sales becoming the new norm in Maryland? It seems as if short sales are gathering momentum and here are some interesting facts on the short sale/REO market in Maryland. Price Range Active Homes Short Sale Foreclosure Short Sales Short Sales Listings Listings Foreclosures 150-250,
...
01/05/2010
