As a new wave of Foreclosures begin in Maryland. Harford County residents are finding it harder and harder to find ends meets. Maryland has recently hit the national news as the state with the highest foreclosure filings in recent months.
Most homeowners are feeling the desperation right now with the average of 18 months behind on their mortgages. So, the question is, what are the alternatives? Banks right now are required to offer foreclosure alternatives up-front to homeowners such as, Deed-in-Lieu (The Lender takes the property back), Loan Modification or an increasingly popular method, a Short Sale.
A Short Sale does not affect the owners credit as much as a Foreclosure and right now Banks are offering up to $35,000 to off-set moving expenses to owners if they choose this method verses opting to be foreclosed on. This of course depends if the owner meets certain qualifications.
The bottom line, home owners need not stick their heads in the sand if they receive a Notice of Intent to Foreclose. Answer the letter and discuss your options. Everyone is feeling a financial pinch these days.
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