About Short Sales in Maryland, Harford, Baltimore County

What is considered a Short Sale in Maryland?

A Short Sale in a real estate transaction occurs when the outstanding loan on the property is greater than the proceeds from the sale of the house after all the closing costs, taxes, liens are paid. The home owner must meet all the qualifications of a short sale in Maryland. The Home Owners Lender must also agree to allow a short sale of the mortgage. Did you know your Lender COULD release you fully from your mortgage and forgive you of your deficiency? The HAFA program, if qualified, offers $3,000 back for relocation expenses. Some Lenders are also offering CASH incentives to homeowners to do a short sale instead of a foreclosure.

For More Information, Email me your contact information RobertMcArtor@Gmail.com and I can get the process started for you immediately!

Whether you are in Harford County Maryland, Baltimore County, Cecil County, Anne Arundel County, Baltimore City, We are here to help you avoid foreclosure and become a Bank Owned Property.

What are the Qualifications for Short Sale Help in Maryland?

Are you in financial hardship of any kind? i.e. relocation, divorce, loss of income, loss of job, major repairs to your home without money to make them, increased medical bills and or living expenses.

Behind on your mortgage, facing default or foreclosure?

Can’t get your home SOLD due to your mortgage balance that is greater than the value of your house in Maryland?

You may have other situations…just contact me and lets discuss them.

If you answered YES to any of these questions then a SHORT SALE in MARYLAND may be the answer for YOU!

We will discuss your situation with you, explain your options. Please remember that a short sale is NOT always the best option for every case.

We will provide you with the required forms and documentation from your lender in order for them to process the short sale of your home.

We will answer any of your questions you may have throughout the entire process. The best part is that your Lender pays all our FEES!

We are not investors trying to purchase your home or charge you a fee up-front to negotiate on your behalf. We are here to help you the best way possible and earn an honest commission.

Give us a call or email today and lets get started!

Got Your Swimsuit Ready? The Second WAVE of FORECLOSURES are coming in 2010!

We have all read the headlines in the newspapers, "We are in recovery!".

With home prices beginning to stabalize and Loan Modifications are being processed, we thought the worst was over.

But is it over?

The latest market study from Jacksonville, Florida's "Lender Processing Services" shows that mortgage delinquencies and foreclosures remain alarmingly elevated. They state that, "The number of loans deteriorating further into delinquent status is now more than twice the number of foreclosure starts, indicating another major wave of troubled loans in an already clogged loan pipeline". They go on to say, "Nearly one-third of foreclosures remain in pre-sale status after 12 months - twice as many as the year prior".

The ugly word that started this mess was Subprime Loans...then Subprime Adjustable-rate Mortgages (ARM's). Most of these mortgages were reset in 2007 and 2008...the tide receded and we thought.."recovery is here...finally". .....or is it?

No one is mentioning the SECOND wave of ARM resets and eventually....foreclosures.

This new WAVE of foreclosures will be difficult for the industry to handle. (Unless of course you are a potential buyer of one of these Bank Owned Homes). This new wave is primarily made up of "Option ARM's". Remember this name. These basically gave the borrowers the option of what they want to pay during repayment.

Many chose the option to make a smaller payment which is below the amount needed to cover the interest on the loan. This in-turn causes the mortgage balance to increase. They can continue to make the minimum payment until the mortgage balance increases to 125% of the original amount. What?...that's right...many loans are already their....125%! This is when the wave will start...we already seeing it happen now....just not in the drive-by media!

According to Whitney Tilson and Glenn Tongue of T2 Partners, about 80% of the Option ARMS's are negatively amortizing. These loans were set to reset in 5 years or 2011 but that reset is occuring now for many homeowner's....why? Because for many of the Option ARM's...they are so negatively amortized that they are hitting the automatic reset cap much earlier than expected....the wave is coming!

Can you imagine in this economy receiving a new mortgage payment 2 or even 3 times the amount you were paying before? As REALTORS we keep saying now is the time to buy!...I receive calls all the time from potential buyers looking for Bank Owned Homes in Maryland and Baltimore. If you are looking for purchase a Bank Owned Property or Home in Maryland and are looking for an experienced real estate agent, Robert McArtor with Long and Foster Real Estate, Inc. is your answer.

Why Choose Maryland HOMES Team? - I have negotiated deals for my buyers that they are very please with. I even purchased a Bank Owned Property for $100,000 under the Principle Mortgage Amount AND negotiated the bank to pay ALL my closing costs. I know how to do it...I know the timing...contact me today!

Ten Facts about the $8,000 First-Time Homebuyer Tax Credit

Ten Facts about the First-Time Homebuyer Credit

Many taxpayers who purchase a home in Maryland this year will qualify for an $8,000 federal tax credit. The refundable first-time homebuyer credit is a major tax provision in the American Recovery and Reinvestment Act of 2009. But time is running out to qualify for this credit.

Here are ten things the IRS wants you to know about the first-time homebuyer credit:

1. To be considered a first-time homebuyer, you – and your spouse if you are married – must not have jointly or separately owned another principal residence during the three years prior to the date of purchase.

2. You cannot claim the credit before there is a completed sale and purchase of the residence. The sale and purchase are generally completed at the time of closing on the purchase.

3. To qualify for the credit, the completed purchase must occur before December 1, 2009.

4. The home must be located in the United States.

5. The credit is either 10 percent of the purchase price of the home or $8,000, whichever is less.

6. The amount of the credit begins to phase out for taxpayers whose modified adjusted gross income is more than $75,000 or $150,000 for joint filers.

7. The credit is fully refundable. A homebuyer with no taxable income, who qualifies for the credit, may file for the sole purpose of claiming the credit and receive a refund. The credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed.

8. The credit is claimed on IRS Form 5405, First-Time Homebuyers Credit.

9. Taxpayers can claim the credit for a qualified 2009 purchase on either their 2008 or 2009 tax return. For those who have filed a 2008 return, a Form 1040X, Amended U.S. Individual Income Tax Return can be filed in order to get a refund in 2009.

10. The credit for qualified 2009 purchases does not have to be repaid, as long as the home remains your main home for 36 months after the purchase date.

Qualified taxpayers who have been considering a main home purchase may find extra incentive from this tax credit to buy now so they can complete the purchase before the December 1 deadline.

 

 

For more information on this and other key tax provisions of the Recovery Act visit the official IRS Website at IRS.gov/Recovery.

Links:
First-Time Homebuyer Credit
YouTube Video - First-Time Homebuyer: English Spanish ASL
Audio File for Podcast - First-Time Homebuyer Credit 2009: English Spanish
The American Recovery and Reinvestment Act of 2009: Information Center
Form 5405, First-Time Homebuyer Credit (PDF)
Form 1040X, Amended U.S. Individual Income Tax Return (PDF)

100 BPO and REO COMPANIES I AM MAKING MONEY FROM AS A REALTOR

100+ BPO and REO Companies I use!

100+ BPO Companies that I use!
In a matter of weeks of submitting to all the companies on my list, I have listed my 4th. REO Property with 3 SOLD and 5 currently Listed. I am doing numerous BPO's weekly and you can too! For some of you this may sound like a low number however I have just started. I am amazed at the checks coming in. Most companies pay bi-weekly. Yes, you can search for companies on your own time OR simply order my list. I have taken hours to research them! If you are wanting to do Broker Price Opinions, this is a great opportunity for your Real Estate REO Business.
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I will also tell you the method I use to fill out those time consuming applications....with just ONE CLICK! your form is filled out making application submissions easy.

ALL THIS FOR ONLY $9.95 through PayPal. Use my email address info@harfordadvantage.com and I will email you the list! SIMPLY CLICK ON THE IMAGE ABOVE AND GO DIRECTLY TO PAYPAL.

Robert B. McArtor, REALTOR - Auctioneer, Long and Foster Real Estate, Inc.
JUST A QUICK UPDATE! - I have listed another 2 properties with my 5th. one now under contract! It is getting very busy for me and you can be busy too!