If you are a distressed homeowner looking for foreclosure alternatives in Silver Spring, MD, then I may have some good news for you. Mortgage servicers are working harder than ever before to prevent property foreclosures. Such alternatives can come in the form in a loan modification, principal reduction, refinance, or short sale.
A short sale occurs when:
- A homeowner is 'short' the amount owed on his/her property because this amount is higher than current market value.
- A negotiation is entered into with the homeowner's mortgage company (or companies) to accept less than the full balance of the loan at closing.
- A buyer closes on the property, which was sold ‘short’ of the total value of the mortgage.
However, not every homeowner can ‘short sell’. In order to qualify, the homeowner must:
- Be currently experiencing a financial hardship, such as a loss of employment or significant reduction in wages, that is causing him/her to fall behind on payments.
- Be able to prove that he/she can no longer afford the monthly mortgage payment by providing wage earning statements, income documentation, etc.
- Be able to prove that he/she does not have significant enough liquid assets that could be used to pay down the mortgage.
If you feel you meet the above criteria and are trying to prevent foreclosure, know that you do not have to do it alone. To learn more about your options, contact Emcee Arah and DeeCee Real Estate online or call 301.452.5252.
As a real estate professional who has earned the Certified Distressed Property Expert (CDPE) designation, Emcee and his team of professionals have made it their mission to know the best possible options available to distressed homeowners for both their present AND their future…and you can trust that your free consultation will be always be completely confidential.