YOU HAVE OPTIONS

Avoid Foreclosure.  We Can Help!

Aldo Figueroa - CDPE, CSSG, REALTOR®
Laura Christensen - Associate Broker, GRI

Real estate is going through complex issues and market values have been volatile in Baltimore, the state of Maryland and all around the country.   If you think your home is worth less than what you owe and need help in searching for an alternative other than foreclosure, it is important that you hire a real estate agent that knows the market well and understands the entire short sale process.  A REALTOR who not only has been through comprehensive classroom training but real life transactions that resulted in successful short sales.  Our successful short sales have saved our Sellers from foreclosure, deficiency judgement and credit devastation.  



What is a Short Sale?

Certified Short Sale Guide


A short sale is a transaction where the home owner owes more than what their pro

perty is worth. In the past, it was rare for a bank or lender to accept a short sale. Today, howev

er, due to overwhelming market changes, banks and lenders have become much more negot

iable when it comes to these transactions. 


Recent changes in corporate policy and the current 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 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 real estate professionals.


Call or email us for more information.  We'll be happy to help!

 





Hire a CDPE!



Have you heard about HAFA?


You are welcome to stop by our office and have a one-on-one conversation

7674 Belair Rd
Nottingham, MD 21236

Right off exit 32A of the Baltimore Beltway I-695 in the Belair Beltway Plaza



IMPORTANT NOTICE: Riley & Associates Realtors is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit rating.