What should a buyer know about a short sale home? Years ago, there were a number of Baltimore short sale homes for sale with the values in the Baltimore real estate market (and elsewhere) dropping from the high values seen in 2005 and 2006. A number of home sellers may have possibly owed more on [...]
Foreclosures in Maryland were down 52.4% in October 2010 from the same time last year. This is a welcome statistic in the Baltimore real estate market! According to the Baltimore Business Journal article, One in every 736 homes in Maryland faced a foreclosure filing in October, down from one out of every 348 homes this [...]
Baltimore foreclosures were up in the third quarter of 2010, up 94% from the second quarter. RealtyTrac, a site that reports on foreclosure filings and trends across the US, says that 5,753 Baltimore area homes received a foreclosure filing, which is up 460% (yes, that is four hundred sixty PERCENT) over the same time last [...]
Maryland foreclosures were up in July 2010, an increase even over June, which was up 104%. There were 6,961 foreclosure filings in July, up from 6,304 in June. The first half of 2010, Maryland foreclosures were up 56.2% over this same time last year. Maryland increased 10.4% over June, while nationwide, foreclosure filings were up [...]
Fannie Mae has a Deed-for-Lease option available for those who cannot make their mortgage payments on their homes anymore. This is an option for people who want to stay in their homes but cannot afford to keep them. For many Baltimore homeowners, this may be a viable option. What happens in this case is that [...]
Maryland foreclosures were up in June 2010 as well as the whole first half of the year. There were 6,304 foreclosures filed in Maryland last month. This is up 104% from last year in the same month. This is an interesting statistic, considering that across the US, foreclosure filings were down 7%. The entire first [...]
A new report by Fitch Ratings states that 75% of HAMP loan modifications will redefault in the future. The issue is that the HAMP (Home Affordability Modification Program) loan modifications do not address the other debt that the borrowers have, therefore still having issues, despite their mortgage amounts and payments being reduced. CNNMoney.com shared this [...]
This Month in Real Estate June 2010 is here! The number of foreclosures was down last month, with the thought that sellers are looking to short sales to prevent foreclosure. Buyers are seeing short sales as a way to buy a house at a less expensive price -- and enjoy the low interest rates at [...]
The Maryland Taxation of Forgiven Debt in Short Sales bill was signed by Mayor O'Malley on May 20, 2010. This is great news because it PREVENTS the tax of the debt forgiven. A few counties in Maryland -- Anne Arundel, Prince George's, and Montgomery had begun charging recordation and transfer taxes based on what was [...]
Many people do not understand what a short sale is or the process or the implications on a person's credit and/or taxes following a short sale. Below, I put together a few short sale questions and answers to help in understanding. 1. What is a Short Sale? A short sale is when a seller of [...]