Carpet Baggers feeding off those facing foreclosure

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.

Update on the GMA house

Well, it still has not sold. But the neighbor’s did for $295,000 in 3 days. They are looking to rent now at $2,500…that still doesn’t match up. Doesn’t seem to be a $2,500 rent neighborhood to me…Sounds like some Seller Denial to me… Price is king in this era.

Here is the Frederick County Housing Report

You can find Washington County and others stats about the market here

Different day…same ole story

It’s been a while, I know… Not much has changed in the market lately. We are still battling long days on market and high inventories. Interest rates have actually dropped over the last few months. Encouraging but not enough to bring the buyers out of hiding. You know its bad when GMA’s real estate challenge.. “How to Sell your House in One Week” can’t sell. They staged the house, priced it aggressively and prepared for an Open House. Now let’s see what is different here for us normal realtors… National coverage, they had a radio station promoting it at the house, they had 80 people thru the house and only 3 were “interested” buyers… And they couldn’t sell!!! Even they were lost for words. This is the reality of the market… slow. (or just slower, much slower, than we have been used to) This is is considered a normal market… at least that is what I keep telling myself. Now on to the numbers… take a look at the numbers from the past…not much change.

Total active homes in Frederick County…. 1896
New in the last 2 days………60
Under contract last 7 days….71

Total active homes in Washington Cty…..1237
New in the last 2 days……..23
Under contract last 7 days…20

ABC News talks about the national housing bubble

Here are some ABC news experts talking about the national housing market conditions. http://abcnews.go.com/Video/playerIndex?id=2351163

Take a look and tell me what you think. I have mentioned some of this in the past. Buyers have great opportunity, but have been scarce. Some sellers have not woke up to reality!

Here are the current numbers for Frederick and Washington county.

Frederick
Total…..1899
New last 2 days…54
Under contract last 7 days…74

Washington County
Total active listings…..1226
New last 2 days…31
Under contract last 7 days…28

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