Chances are, you or someone you know in Maryland is facing the possibility of foreclosure. But you need to understand that you are not alone.

Today, 1 out of every 6 homeowners in America is behind on mortgage payments. These are tough and frustrating times. Now more than ever, it's important to identify your options. Foreclosure can be avoided, your credit can be saved, and your financial future can be salvaged.

Through my experience handling distressed properties at Keller Williams APR, I've found that homeowners today have more questions than answers about their circumstances. I have created a site to help you understand the possible solutions to foreclosure, as well as provide a detailed explanation of short sales, which may be the best course of action for some homeowners.

At this time I would also like to offer you a
FREE Report to explain your options and help you decide on a course of action. The idea of losing a home can be overwhelming, and I feel it is vital for you to have all the facts necessary to make an informed decision.

As a Certified Distressed Property Expert, with the CDPE® Designation, I have a strong and unique appreciation of the factors affecting the 

market, and know that there are options available to you.


If you would like to know more about your options, please call me at             (443) 243-4358       (c).

I am here to help … in any way I can.

 

 Short Sales Explained

A short sale can be an excellent solution for homeowners who need to sell, and who owe more on their homes than they are worth. In the past, it was rare for a bank or lender to accept a short sale. Today, however, due to overwhelming market changes, banks and lenders have become much more negotiable when it comes to these transactions. Recent changes in corporate policy and the Obama administration have also improved the chances of getting a short sale approved.

But to be technical, here's a more official definition:      

  • A homeowner is 'short' when the amount owed on his/her property is higher than current market value.

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    A short sale occurs when 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, and the property is then 'sold short' of the total value of the mortgage. 

     

 

For homeowners to qualify for a short sale, they must fall into any or all of the following circumstances:

 

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    Financial Hardship – There is a situation causing you to have trouble affording your mortgage.

     

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    Monthly Income Shortfall – In other words: "You have more month than money." A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.

     

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    Insolvency – The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.

     

 

 This seems simple enough, but it is a complicated process that takes the expertise of experienced professionals. With my training, I am ready to identify all possible options and, when possible, assist in the quick execution of a short sale transaction.

 

 

If you have questions or feel you may qualify for a short sale, please contact me for a free consultation.

 

Understanding your options now could mean all the difference in the world.

 

Call today for a free confidential, no obligation consultation to see if Dawn Wooldridge can help you with your difficult situation. My services are paid upon settlement from the proceeds that the mortgage holder agrees to disburse. Don't delay call my office today at 443-243-4358.

 Maryland Foreclosure Law Summary-Quick Facts 

This is a list of the documents I will need to begin the short sale processing:

  • Copy of most recent mortgage statement

  • Personal Financial Statement (Fannie/Freddie Form)

  • Two (2) years tax returns with copy of extension if possible

  • Two (2) most recent pay stubs.

  • Two (2) most recent bank statements for all bank accounts and brokerage accounts EXCEPT information on retirement accounts.

  • Hardship letter.

  • Signed Letter of Authorization, authorizing the lender(s) to speak with us.

With these documents I create a package for your lender(s) which helps them understand why you require a real estate short sale.  I then submit this to the appropriate department at your lender, once we have an accepted purchase offer for your home.