At Home With Lisa-Concerns Of Possible Foreclosure?

Quick Facts:
1.5+M Realtors® Nationwide
Estimated 2M or more real estate agents

Maryland:
28,730 Realtors®
Estimated 40,000 Real estate agents

CDPE (Certified Distressed Property Expert)
48,000 Nationwide

Why mention CDPE?  This is why...Mortgage forbearance has been lifted.

Mortgage forbearance provided a lifeline for millions of homeowners during the most difficult months of the pandemic.  But now that the forbearance plans have ended, homeowners have to decide how to move forward.  Remember, Forbearance is not loan forgiveness. Borrowers will still owe the principal and interest that they didn’t pay during the forbearance period.  What are their options?

1. Full repayment, which is a one-time lump sum payment. It’s possible to pay back all the missed payments at once. But lenders are NOT allowed to require this. “If you are unable to pay the lump sum, you have other options,” says Jackie Boies, senior director of housing services at Money Management International
2. Make intermittent payments, meaning you repay the missed amount over 3-12 months on top of your regular monthly mortgage payments
3. Lengthen your loan term and pay off the missed amount at the end of the extended loan term, via additional mortgage payments
4. Payment deferral. This option lets you pay off the missed amount when the home is sold or refinanced, or at the end of the loan term
5. Pursue a loan modification. This helps borrowers who are at risk of default change their mortgage terms

But what happens if you are not in a position to do any of these?  What happens if your circumstances have changed to the point that you feel you have no option but let the bank foreclosed? Perhaps you have experienced loss of employment, reduced Income, business failure, death of a wage earner, severe illness, divorce and more.  You're not the only one that feels this strain. And then the prospect of foreclosure can be financially and emotionally devastating, and often homeowners proceed without guidance of any kind. Did you know in Maryland during the first quarter of 2022, there were 15,000+ notice of intent to foreclose?  

But that is NOT your only option.  That's where the CDPE agent comes in.  They have the tools needed to help homeowners find the best solution for their situation. Often, when other options have been exhausted, CDPEs can help homeowners avoid foreclosure through the efficient execution of a short sale.  So don't feel like you are stuck with  no way out.  Contact me and let's discuss your options. 

I'm Lisa Longest with Realty Navigator. I am a full time Realtor® GRI® RENE® CDPE® and PSA® in Anne Arundel and Queen Anne  Counties.  I am here for all your real estate needs. If you are looking to buy, sell or question me about the market in your area, feel free to contact me. My email is LisaLongest.RE@Gmail.com and cell is 443-786-4200