Foreclosure Help is Coming, but Is It the Light at the End of the Tunnel or Another Train?

Foreclosure Help is Coming, but is it the light at the end of the tunnel or another train?

If you or someone you know is looking for some foreclosure assistance, try to understand the recent announcement of the largest-ever agreement of its kind between government and lenders.

25 BILLION dollars…$25,000,000,000
That’s a lot of zeros! You would think that could go a long way to help a lot of people.

Forbes magazine has an excellent piece that gets into many of the details for you to review:  http://www.forbes.com/sites/morganbrennan/2012/02/09/how-the-25-billion-foreclosure-settlement-will-really-affect-the-housing-market/ Morgan Brennan is an excellent writer and this article connects several articles, analysis and details for you. Get a cup of coffee and read through this one for sure.

Some practical suggestions for you here in Maryland:

1. Read through these articles to get a general idea of what kind of foreclosure assistance they are offering.
2. Be patient, very patient, but persistent in trying to talk to people, gather your records and keep trying…don’t give up.
3. Contact Doug Gansler’s office. He is our state attorney general and will be coordinating this settlement for Marylanders (remember nearly $1 Billion in assistance is coming to Maryland). Foreclosure settlement HOTLINE 410-576-6300
4. Watch this 2-minute video from WBAL TV: http://www.wbaltv.com/video/30430540/detail.html
5. Click on tips to avoid foreclosure, get modifications, etc.
6. Consider whether or not you qualify to do some home renovations to improve both your property value and the livability so you can just stay in your home and try to ride things out for another 3-5 years until the market improves. (this is where the FHA 203k Rehab Loan program can help).

As a real estate professional I was faced with the need to get my lender to modify my home loan and it was incredible to me that even with my 20 years’ experience in the industry and knowledge of financing, that the process was so confusing, convoluted and frustrating to me. It did not surprise me that many just gave up.

Ever since I was able to successfully complete my own loan modification I have offered to help others. So I offer you to feel free to contact me directly and I will do my best to point you in the right direction and give you the encouragement you need to be persistent and make things work.

If you are considering refinancing or making repairs to your home in preparation to stay or sell, I am also happy to provide a Free consultation for you as I am a HUD Certified 203k renovation consultant. You can visit my website at: http://203kServices.com or email me at vsimone@203kServices.com

Best wishes,

Vito Simone
HUD 203k Consultant
410-602-1320