Carpet Baggers feeding off those facing foreclosure

If you're new here, you may want to subscribe to my RSS feed or Subscribe by email on the right. Thanks for visiting!

Good Morning America did a piece on companies out to “save” you from foreclosure. I hate to say it but I did hear someone mention this type of scheme is right here in Frederick. I don’t know the name of the company but just be aware they are here.

When someone says I can help you stay in your home and lower your payments but you have to sign over the deed to us or anything of this nature…Be very very cautious. It is not hard to get your information and feed into your worries. The foreclosure proceedings filed with the court is public information on the web and at the County Court house. These scum bags are very good at jilting you out of your home and creating more problems for your future and they don’t care…they are scum bags! If someone ever approaches you and feeds off your concerns, you need to step away and get a second opinion. Call me…I might not be able to help you but I will put you in touch with someone that can give you expert advice.

You have alternatives to Foreclosure, but YOU have to do something about it.

Your Choices…

Do nothing
Refi or payoff the loan (obvious, but hard to do or you wouldn’t be in this position)
Reinstatement - Play catch up, make all past payments, pay off late fees and attorney cost
Loan Modification - It never hurts to ask for a change to your loan
Forbearance - A repayment plan or temporary pay arrangements based on financial condition
Partial Claim - A loan from the lender to include back payment cost and fees
Deed in lieu of Foreclosure - Give back to the bank, conditions apply
Bankruptcy - There is a variety of options here call a Bankruptcy attorney for advice
Sale - This usually results in a short sale where the bank has to approve sale because they are accepting less than what you owe on it.

The key is you need to do something…these are trying times and no one ever plans to be in this position. Seek help. I can help you facilitate the sale of your home, but believe me, I don’t want to put another home on the market if there are available options for you to keep it.

EDIT: Added the following.

Call your lender, should this happen to you. There is also a hotline number to call 1–800–4FRAUD8

Thanks Missy for the video and hotline.

Bookmark It

Hide Sites

April 16, 2008 · Filed Under Frederick Foreclosure, Frederick MD Real Estate, seller

5 Comments

Market Conditions - Scratching head

There were more sales when the homes where priced higher with higher interest rates. Buyers were fighting for low inventory and bad property conditions without home inspections.

Here’s the housing report from March 2008 on the FCAR website. The inventory is high, prices are low. In most cases where the home is still owned by Susie Homeowner and not the bank or subject to bank approval…the homes are in great shape. Sellers are willing to help with closing cost and will even fix some of the home inspection items.

It’s going to be a nice weekend…start your search here and go look at some houses.

And remember I am licensed in Pennsylvania and Maryland…so we can look up and down Route 15.

Bookmark It

Hide Sites

April 16, 2008 · Filed Under Frederick MD Real Estate

Comment

The Market Update for Rentals in Frederick County

As the housing market sits in some turmoil the rental market always seems to grow legs. With the unfortunate increase in foreclosures, families still have to live somewhere.

The average time a single family home has been on the market in Frederick County is 65 days with an average price of $1900. The average time for a non detached home (i.e. Town House, or Condo) has been a little short at 44 days and with an average price of $1420 a month. This information does not reflect homes that have been listed and rented through property management companies. During the sad time in the housing market the rental prices usually increase until you get to a saturation point. This is where the common renter says they have enough!!!

Below is a chart on what you could possibly purchase with the equivalent rental payment. This chart does not take in considerations for property taxes or insurance. Use it only as a gauge…see your lender for more personalized numbers. Times are good for buyer that has good credit, income and nothing to sell.

Rent vs Loan Amount

5% 6% 7% 8% 9%

$1,000 $186,282 $166,792 $150,308 $136,283 $124,282

$1,100 $204,910 $183,471 $165,338 $149,912 $136,710

$1,200 $223,538 $200,150 $180,369 $163,540 $149,138

$1,300 $242,166 $216,829 $195,400 $177,169 $161,566

$1,400 $260,794 $233,508 $210,431 $190,797 $173,995

$1,500 $279,422 $250,187 $225,461 $204,425 $186,423

$1,600 $298,051 $266,867 $240,492 $218,054 $198,851

$1,700 $316,679 $283,546 $255,523 $231,682 $211,279

$1,800 $335,307 $300,225 $270,554 $245,310 $223,707

$1,900 $353,935 $316,904 $285,584 $258,939 $236,136

$2,000 $372,563 $333,583 $300,615 $272,567 $248,564

Across the top is the interest rates and down the left side is the payment. In the middle is the POTENTIAL loan amount. Normal house payments include Principal, Interest, Taxes and Insurance. (PITI) Calculations based on a 30 year fixed loan.

	5%	6%	7%	8%	9%
$1,000	$186,282	$166,792	$150,308	$136,283	$124,282
$1,100	$204,910	$183,471	$165,338	$149,912	$136,710
$1,200	$223,538	$200,150	$180,369	$163,540	$149,138
$1,300	$242,166	$216,829	$195,400	$177,169	$161,566
$1,400	$260,794	$233,508	$210,431	$190,797	$173,995
$1,500	$279,422	$250,187	$225,461	$204,425	$186,423
$1,600	$298,051	$266,867	$240,492	$218,054	$198,851
$1,700	$316,679	$283,546	$255,523	$231,682	$211,279
$1,800	$335,307	$300,225	$270,554	$245,310	$223,707
$1,900	$353,935	$316,904	$285,584	$258,939	$236,136
$2,000	$372,563	$333,583	$300,615	$272,567	$248,564

Current list of Single Family Homes for April 11th
Current Non Detached Rentals for April 11th
PMP Inc, Property Management People. Ask for Shannon Netro (she rocks)
Noahs’ Preferred Property
Professional Property Services
Frederick County Associations of REALTORS® Resource page

Information about the actual rentals were provided by Metropolitan Regional Information Systems.

If you would like assistance in finding a rental property please feel free to contact me.

Bookmark It

Hide Sites

April 12, 2008 · Filed Under Frederick MD Real Estate, Frederick Market Conditions

2 Comments

Friday Foto - This place has gone to the dogs!

It was the 33rd Annual Spring Specialty show for the Labrador Retriever Club of the Potomac at the Holiday Inn in FSK. Only one kind of dog…Labs and they came in three flavors Black, Yellow and Chocolate. There were short ones, tall ones, fat ones, thin ones…young and old. And The dogs looked good too.

I was amazed at the number of dogs there were in the parking lot and how quiet it really was. I only heard a couple barks across the parking lot…And the parking lot was filled with vans, SUVs and trucks full of kennels and show dogs. You had tarps and screens stretched across windows in attempts to keep the pups cool. I have never seen so many different types of window fans either. The show is over today, but keep your calendar clear for next year. If you love labs, you’ll love this place. Plenty of vendors for your “All Lab, All the Time Gear” Checkout the clubs website for events and other happenings around Maryland. The event was neat to watch, but as for my AKC pup…he’s staying at home checking email from all his bitches.