Questions?  Give us a call.  We’re here to help!

Go to the Google Maps page (www.Google.com/maps) then type in a desired zip code or city into the search bar.

Use the drop-down to indicate the search is for “real estate” then click on “foreclosure” to filter the results. [If you don't see the drop-down, click "show search options" next to the "search maps" button at the top of the page.]

Not only will you have a list of foreclosures, photographs and a map to each property but it’s possible to take a virtual tour of the neighborhood for many areas.

Save gas, find that foreclosure property from the comfort of your living room couch.  Then call us at 301.785.5889 to arrange a private showing.

It’s as easy as point, click, and call!  We’re here to help!

Last month, the Obama administration, through the Making Home Affordable program, offered lenders and loan providers an incentive of up to $1,000 for each completed short sale, and up to $1,000 more to share the cost of paying any second-mortgage lenders to release their claim on the property. Homeowners too were offered up to $1,500 for relocation expenses.

The incentives offered by the government, coupled with lenders wanting to reduce bad loans, are likely to increase the number of short sale transactions in the near-future. “Without a doubt, lenders are more willing to work through short sales,” said Andre L. Mitchell, the executive vice president of the Lynx Mortgage Bank. “In this marketplace if the lenders can negotiate in any way to get rid of a bad loan, they’re going to do it.” Banks may lose less money in short sales than in foreclosures, where banks may carry the house for a considerable period of time before selling it.

Analysts believe short sales are often the  best option, even for homeowners thinking about a new loan to save the home. “It’s gotten to the point where people understand that sometimes you have to start over,” says Mitchell. “A loan modification might help you in the short term, but sometimes what people need to do is get out completely.”

[courtesy of Chris McLaughlin]

If you are looking for help to prevent foreclosure, be sure the counseling agency is on the Department of Housing and Urban Development’s list of approved agencies. Visit HUD’s website for an easily searchable list of HUD-approved housing counseling agencies, or call 877-HUD-1515 (877-483-1515) for more information. If you are approached by foreclosure counselors–by mail, phone, or in person–make sure the counseling agency is HUD-approved before you do business with them.

1. Don’t pay an arm and a leg.

You should not have to pay hundreds–or thousands–of dollars. Most HUD-approved housing counselors provide no-cost counseling services and many more provide low-cost counseling. Do not agree to work with a counselor who collects a fee before providing you with any services or who accepts payment only by cashier’s check or wire transfer. In general, do not pay money to anyone unless you know exactly what services you will receive.

1. Be wary of “guarantees.”

A reputable counselor will not guarantee to stop the foreclosure process, no matter what your circumstances. Working with a legitimate counselor can certainly increase your chances of keeping your home–but be wary of people who promise a sure thing. Again, get the details of your transaction, along with any promises, in writing first.

1. Know what you are signing–and be sure you sign it.

Don’t let a counselor pressure you to sign paperwork you haven’t had a chance to read through carefully or that you don’t understand. Don’t sign any blank forms or let “the counselor” fill out forms for you. Be sure to talk with an attorney before signing anything that transfers the title of your home to another party.

1. If it sounds too good to be true, it probably is.

If you feel you may be the target or victim of foreclosure fraud, trust your instincts and seek help. For tips on spotting scam artists, visit the Federal Trade Commission’s webpage on foreclosure rescue scams. Report suspicious schemes to your state and local consumer protection agencies, which you can find on the Federal Citizen Information Center’s Consumer Action Website.

For more information, visit the Federal Reserve Board’s website.

There was a crucial component missing in the original release of the program—second mortgages. About half of borrowers at risk have second loans that make it difficult to substantially lower their monthly payments from modifications to the primary mortgage.

With the new edition, lenders will receive additional incentives to modify these second loans, which include home equity loans. The borrower’s interest rate could go as low as 1% because the government will split the cost of the reduction with the bank. The program aims to help between 1–1.5 million additional homeowners keep their homes.

For more information, check out: http://makinghomeaffordable.gov/

– Where do I go to get help?
– Do I qualify?
– What lenders are participating?
– When can I apply?
– Why does my loan servicer have to ask if they can modify my loan?
– How do I know if refinancing will improve my ability to stay in my home?

Find all this information and more at www.MakingHomeAffordable.gov

You are not alone.

At Kittleman Realty Group, we understand that things happen. Whether through job loss, divorce, or mortgage rate resets, sometimes families can become overwhelmed by their obligations. There is a way out.

Click here or call 301.785.5889 to contact us today and ask for our Mortgage Relief Kit. We’ll send it to you immediately, along with instructions for getting started reclaiming your life.

Our kit is full of helpful information, as well as links to agencies and government programs where you can learn more.

Don’t just put your head in the sand and wait for foreclosure. There’s a way out! Contact us today!

Once the value of their home falls below what they owe on their mortgage, most people mistakenly assume that the only way out of that mortgage payment is to allow the home to go into foreclosure. There’s a much better alternative: the short sale.

A “short sale” involves your home being sold for a price less than what you owe on your mortgage (or mortgages). In order for you to sell your home without bringing money to the closing table, your lender must be willing to allow you to “sell short” and accept less money than you owe on the property as payment. This is also known as requiring “third party approval” – the buyer and seller are two parties in the transaction, and the bank is the third party who must allow the property title to transfer.

The most critical step to selling your home in a short sale is communicating with your real estate agent and your mortgage company. You will be required to document your hardship, fill out many forms, provide detailed financial information, and be persistent and patient throughout the process.

We can tell you, definitively, that you are better off selling your home in a short sale than allowing it to go into foreclosure. Here’s why.

1. While a foreclosure stays on your credit history for 7 to 10 years, a short sale is not reported on your credit history at all. There is no specific item to report a short sale, so the loans are typically marked “paid in full, settled” or “paid as negotiated.”

2. A foreclosure will lower your credit score anywhere from 250 to 300 points, and will continue to impact your credit score for over 3 years. A short sale may lower your credit score as little as 50 points if all other payments are current, and this affect may be as brief as 12 to 18 months.

3. If your home is foreclosed, you must disclose the fact on any future loan applications with mortgage companies. This could affect your future interest rates for 7 years. There is no similar disclosure for a short sale.

4. Foreclosure is a serious issue if you have a job requiring security clearance. A foreclosure on your record, in nearly all cases, will cause your clearance to be revoked and your position terminated. A short sale on its own does not affect most security clearances.

5. Many employers can legally require credit checks for their job applicants. A foreclosure is one of the most damaging items that can be found on your credit report, and may prevent your future employment in some positions. A short sale is not reported on your credit report and, therefore, not an issue to future employers.

It’s easy to see how a foreclosure can cost you much more in the long run than just losing your home. That’s why it’s important to work with a knowledgeable professional real estate agent to assess your situation, define your options, and work with you to avoid foreclosure. Look for an agent with the “Certified Distressed Property Expert” (CDPE) designation. That agent has the knowledge to safely guide you through the complicated short sale process.

In the long run, you’ll be happy you made that effort.

About the author: Laura Kittleman Yeatts is a professional real estate agent in Montgomery and Howard Counties, Maryland. She has obtained the Certified Distressed Property Expert (CDPE) designation, and is a graduate of “Default School,” an intensive training program covering short sales and foreclosures. Over the past year, Laura and her team have been involved in over 40 real estate transactions. She can be reached at 301-785-5889 or through her website at www.kittlemanrealtygroup.com.

[Author’s note: this article is based on information obtained from the Distressed Property Institute.]

Click on the link below to learn some of the key differences, and why a short sale is so much better for you and your financial life!

Foreclosure vs. Short Sale – Homeowner Consequences (PDF link)