Q: Where are all the good deals now that foreclosures in Maryland have decreased numbers?
A: I got news for you. Foreclosures have NOT decreased, on the contrary, foreclosures for the state of Maryland have increased when you compare it to last year’s numbers.
According to the latest “Corelogic National Foreclosure Report” Foreclosures in the nation, have dropped down 34.3% overall since December 2013. The bad news for Maryland is that we are in the top 7 states with the most foreclosures as of February 2015
Is hard to understand that Maryland is put with the like of Florida, Nevada, New Jersey and a few other states that are well known to be always in trouble when it comes to jobs, deficits and housing speculation.
Why are we ranking so high in foreclosures when we lead in the jobs market and low unemployment numbers?
The answer is simple, Maryland simply was too protective of its citizens, providing us with all types of programs and benefits to keep lenders from foreclosing their properties.
There are families still living in Maryland that did not make a single mortgage payment in the last 2 years…some even longer!
Completely different of what our neighbor state of Virginia did for its citizens. Not only they did not protect them… but encourage lenders to take names, foreclose and get those properties back into the market with legitimate home buyers that could afford to pay for them.
This is why Virginia is ranked on the top 10 of states with the least number of foreclosures as of February 2015
If you are struggling paying your mortgage payments…you want to be living in Maryland and not Virginia!
What about Washington DC?
Washington DC is the Mama Bear of its citizens if they are struggling with their mortgages. Lenders must hate it when they see the address of a potential defaulting loan as Washington DC. They know they have to jump through hoops and loops to get a foreclosure processed.
Washington DC is ranked 5th in the nation with the most foreclosures as of February 2015
Going back to your question..
“Where are all the good deals now that foreclosures in Maryland have decreased in numbers? “
The “deals” are there, and they are more prevalent now with low income housing.
Lenders are starting to pay attention to the low value housing and homeowners ( “squatters “ ) who are occupying their assets with no payments received.
PG County, Baltimore and low value housing units in Washington DC are getting their notices of default now. A foreclosure forthcoming.
If you are a buyer, you can still find a great deal with these low value foreclosures and convert them to rentals… these families have to live somewhere.
If you are a seller and your home is close to these areas of hardship. The value of your home will be affected and it will be a long time to gain equity under these conditions.
If you are one of those homeowners living without paying your mortgage…
No matter where you live..
Is their house, and you are defined as a “squatter” unfortunately…is time to put a plan together before someone comes and changes your locks!
These are your options:
- · Call your lender and ask for a loan modification if you have the income to qualify for it.
- · Call your lender and ask them if you qualify for a short sale?
- · Call your lender with an attorney and do a “deed in liue of a foreclosure”
Why you should take the bull by the horn?
When a lender forecloses a property, the homeowner will face a deficiency judgment. . Meaning that you give up your keys…but the AMOUNT YOU OWE STILL IN FORCE!
Talk to them directly or hire someone to speak to them in your behalf
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