Category Archives: Foreclosure

How to Stop Foreclosure in Maryland

Is your home under the threat of foreclosure in Maryland? You’re not alone. Maryland has consistently been among the top five states with the highest foreclosure ratings for many months now, placing third for the month of January. Like many Marylanders facing foreclosure, you’re probably looking for a better option than the bank foreclosing on your home. Even a short sale may take too long if your time is running out. If you’re pressed for time and think you’re running out of options, contact Grays Home Solutions.

Grays Home Solutions is a home buyer in Maryland and throughout the Tri-state area. Our priority is buying homes quickly, and in any condition. Even if your lender is threatening foreclosure, your house is in need of repairs, and you’ve fallen behind on your payments, we have solutions to solve these issues at no expense to you.

Grays Home Solutions specializes in buying property quickly. As Real Estate experts we know exactly what you are facing and know what if feels like to have your back against the wall. I don’t know of any other service in this field that is TOTALLY FREE. All you need to do is give us a call @ 240-347-3141 or visit us on the web @ www.WeBuyTheTristate.com Lets get you moving in the right direction today.

Finding a buyer for your home doesn’t have to be a difficult process. Gray’s Home Solutions will buy your home quickly. We’re looking for properties of all types across the state of Maryland. Whether you’ve got a townhouse in Frederick, a rowhome in Baltimore, a rancher in Carroll County or a duplex in Rockville, we’d like to make you an offer. It doesn’t matter if your house is in pristine condition or if it has seen better days, we buy it all. Best of all, in addition to our speed, you pay no fees or commissions when we buy your home. Now there’s an offer that you can’t refuse.

Even if you’re not looking for a buyer, you can participate in our sellers referral program. Here’s how it works. Send us the phone number and property address for a For Sale By Owner or vacant property. We’ll take a look, and if we buy the property we’ll pay you $250 as a thank you for providing the lead.

Are you interested in learning more about selling your home fast? Our ebook has a ton of great information for you. We also have an ebook with information on how to avoid foreclosure, available for download here. They’re both free, so give them a look. You can also connect with Grays Home Solutions on Facebook, Twitter, Google+, and LinkedIn for more real estate made simple.

Source

http://www.bizjournals.com/baltimore/blog/real-estate/2014/02/maryland-foreclosures-rise-for-19th.html

New Bill Would Reduce Debt Collection Time After Foreclosure

A new bill in the Maryland legislature would reduce the time that lenders have to collect debt owed on a mortgage after a house has been foreclosed on. Right now, lenders can collect outstanding mortgage debt up to 12 years after a foreclosure, a process known as deficiency judgment. This means that homeowners who went into foreclosure might have to pay their remaining debt long after the foreclosure process. In addition, the interest on this debt continues to accrue during this time, so by the time lenders come to collect, the amount owed can easily have ballooned by tens of thousands of dollars.

The new bill, sponsored by Senator Jamie B. Raskin, would reduce the time that lenders have to collect remaining mortgage debt to 180 days after the foreclosure. However, this provision would only apply to homeowners who went into foreclosure after the law passes, if it does pass. Homeowners who have already been foreclosed on would still be at risk of a long wait for possible debt collection.

That’s why it pays to look for options other than foreclosure. If you’re under threat of foreclosure now, you don’t have time to wait and see if a law does or doesn’t pass. Talk to Grays Home Solutions today about how you can avoid foreclosure in Maryland. You can start getting your finances back on track now without having to worry about debt collectors knocking on your door in 12 years.

Source

http://www.washingtonpost.com/investigations/new-maryland-bill-could-help-foreclosed-homeowners-avoid-lengthy-debt-collection/2013/12/30/d9812934-6f11-11e3-b405-7e360f7e9fd2_story.html

What is a Deficiency Judgment?

A deficiency judgment is a legal process that can occur either after a foreclosure, or after a short sale. Basically, a lender can use a deficiency judgment to attempt to get the rest of the money they are owed that they didn’t get from a foreclosure or short sale. For example, if a property is worth $150,000, and it was sold at a short sale for $100,000, the lender can file a deficiency judgment to try to get the remaining $50,000 of the property’s value. The lender has to go through the court system and file a lawsuit to do this, and if it is successful, your wages can be garnished or bank account levied as a means of paying back the remainder of the loan.

Many states prohibit lenders from filing deficiency judgments after a foreclosure, and three states prohibit them after a short sale. However, Maryland does not prevent deficiency judgments after foreclosures nor short sales. A lender can seek a deficiency judgment up to three years after a foreclosure.

So how do you prevent the lender from seeking a deficiency judgment? One option is to negotiate with the lender during the short sale process. You can attempt to get them to waive their right to seek judgment or, if they refuse, you can try to make a settlement offer of a smaller amount. The lender may be willing to do this because collecting a deficiency judgment is both time consuming and costly. A more risky option is to take the chance that, because of the difficulty of the process for the lender, they may decide not to sue you for deficiency. They may send you letters demanding payment, but they can’t actually freeze your bank account or garnish your wages unless they file a suit.

Negotiating with a lender during the short sale or foreclosure process can help prevent the threat of a deficiency judgment. If you’re considering a short sale and are concerned about a deficiency judgment, Gray’s Home Solutions can help you through the process and save you time by buying your home quickly. We’re looking for properties of all types across the state of Maryland. Whether your house is in pristine condition or if it has seen better days, we’ll make an offer fast. Best of all, in addition to our speed, you pay no fees or commissions when we buy your home.

Sources

http://www.nolo.com/legal-encyclopedia/how-avoid-short-sale-deficiency-judgment.html http://www.nolo.com/legal-encyclopedia/deficiency-judgments-after-foreclosure-maryland.html

How Lenders Benefit from Short Sales

Lenders are in a unique situation when it comes to foreclosures. By foreclosing on a house, they’re expressing their intent to recover money that’s owed them, but they end up having to spend a lot of money in the process. Court costs in the foreclosure are quick to pile up. Not only is foreclosure an expensive prospect for a lender, it’s also time consuming. The process can take a long time to get through all the litigation, especially in Maryland, where the average foreclosure timeline is about a year and a half. The old adage “time is money” couldn’t be more true here. Not only does foreclosing cost a lot, but holding a foreclosed property presents a financial burden to the lender. The property may require renovations, and it will certainly require a real estate broker to sell it.

This is why lenders benefit from short sales. They avoid the lengthy and expensive foreclosure process and also avoid having the costs that come with selling the property after its acquisition. Short sales often reduce a lenders loss to a level that’s acceptable to just write off, which is easier and less expensive than going through foreclosure.

If your lender is foreclosing on you, keep in mind that they may be willing to go the short sale route. If you’re facing foreclosure and considering a short sale, you should know that finding a buyer for your home doesn’t have to be a difficult process. Gray’s Home Solutions will buy your home quickly. We’re looking for properties of all types across the state of Maryland. Whether your house is in pristine condition or if it has seen better days, we’ll make an offer fast. Best of all, in addition to our speed, you pay no fees or commissions when we buy your home.

Source

http://www.washingtonpost.com/local/thousands-of-marylanders-are-losing-homes-in-second-wave-of-foreclosures/2013/08/10/859bbfde-fde5-11e2-96a8-d3b921c0924a_story.html

http://home.howstuffworks.com/real-estate/10-benefits-of-short-sale-over-foreclosure.htm#page=4

How Avoiding Foreclosure Benefits the Housing Market

As Maryland works through its backlog of foreclosures, the threat to the housing market grows. When a number of properties are foreclosed on in a particular area, the property values in that area drop. Even just one foreclosure can negatively affect the area. According to a report by the Federal Reserve Band of Cleveland, properties within a 260-foot radius of a foreclosed property lost up to one percent of their value.

Short sales make it easy both for sellers to avoid foreclosure and for new buyers to acquire property at affordable prices. This prevents the number of homes for sale from growing too large, and keeps property values up by reducing the number of foreclosed properties in the area. Short sales can also potentially recoup more of a property’s value than a foreclosure auction, which also helps to keep property values in the area up. Overall, if foreclosure can be avoided, everyone stands to benefit.

Source

http://home.howstuffworks.com/real-estate/10-benefits-of-short-sale-over-foreclosure.htm#page=5

Sell Your Home Fast With Grays Home Solutions

Maryland remains one of the states with the highest foreclosure rates in the nation. If you’re facing foreclosure, you should know that there are resources available to you. Though it may seem like you’re running out of options, there are still options on the table. A very good option for you to consider is selling your home with Grays Home Solutions.

The goal of Grays Home Solutions is in our name. We want to provide a solution for those who feel they have no recourse under the threat of foreclosure. We’ll buy your home quickly and with no added fees or commissions. We’re a buyer of homes throughout Maryland, and we’re looking for homes in any condition. We know that you’re in trying times while facing foreclosure, so let us help by buying your home fast. Don’t let the bank take back your home. Sell with Grays Home Solutions for an easy and quick solution to your foreclosure problem.

Maryland Fourth in the Nation in Foreclosures

Maryland ranked fourth in the nation in the number of foreclosures for the month of August, reported the Baltimore Business Journal. The data comes from a report released last Thursday by the real estate analyst RealtTrac.

This continues the trend of high numbers of foreclosure filings in Maryland this year. Up until early 2013, the state had been involved in court proceedings with mortgage lenders in order to extend the timeline of the foreclosure process for Marylanders. Now, backed up filings are making their way through the courts system and causing a spike in the state’s rank nationally.

While Maryland’s ranking is still high, it did improve slightly from July, when Maryland was ranked second in the nation for foreclosures. From July to August, the foreclosure rate fell from 16.7 foreclosures per 10,000 households to 16.4 per 10,000 in August. Nationally, foreclosures are falling slightly as well, and saw a 2 percent decrease from July to August. According to RealtyTrac, the top 5 states in the nation for foreclosures are, starting with the highest, Nevada, Florida, Ohio, Maryland, and Delaware. Indiana, Utah, Illinois, Conneticut, and South Carolina round out the rest of the top ten.

If you’re looking for a home buyer who won’t waste your time, your answer is Grays Home Solutions. We buy your home quickly, and with no fees or commissions to pay. We’re professionals with the experience to aid you in navigating this difficult home market.

If you have a house that is in need of repairs and that you wish to sell, don’t hesitate to contact Grays Home Solutions. Use our fast response form and we’ll reply to you as quickly as possible.

We also have a sellers referral program! All you have to do is send us the telephone number and property address for every For Sale By Owner or vacant house you can find. Or if you know someone who has a house for sale, send us their information. If we buy the house we’ll pay you $250 just for providing the lead!

To learn more about how to sell your home in days instead of months, please download our ebook today! Or learn about our super easy referral system that benefits sellers and buyers!

Follow Grays Home Solutions on Facebook, Twitter, Google+, and LinkedIn for more real estate made simple.

Sources

http://www.bizjournals.com/baltimore/blog/real-estate/2013/09/maryland-fourth-in-foreclosures-as.html

http://www.bankrate.com/finance/real-estate/state-foreclosures-south-carolina/

Maryland Sees Sharp Increase in Foreclosures

Maryland, which not long ago had one of the lowest foreclosure rates in the nation, has jumped in six months to the state with the third highest foreclose rates in the nation. The increase occurred between January and June of this year, a result of a backlog of troubled loans that were delayed as a result of lenders’ documentation problems and legislative action in Annapolis.

Lenders put a halt to all foreclosures in 2010 after they were forced by the state to rectify extensive documentation problems. An agreement reached last year enabled lenders to resume the foreclosure process, one of the main factors which has contributed to the increase in foreclosures. In addition, legislators in Annapolis worked to delay the process even further by enacting a series of legislation which made Maryland’s foreclosure timeline one of the longest in the nation, at an average of 575 days as of this June.

Still, time is now running out for many Marylanders, as the banks begin to push filings through the court system. There were 9,339 filings in the first three months of the year, and foreclosures, the majority of which were usually found in Baltimore City and Prince George’s County, are now being filed in areas across the state which have seen little recovery since the recession.

Are you facing foreclosure? Grays Home Solutions is here to help. Contact us today and we’ll help you avoid foreclosure and save your credit.

If you’re looking to sell a home, your answer is Grays Home Solutions. We cover it all, no matter where you are in the home buying or selling process. We’re professionals with the experience to aid you in navigating this difficult home market.

If you have a house that is in need of repairs and that you wish to sell, don’t hesitate to contact Grays Home Solutions. Use our fast response form and we’ll reply to you as quickly as possible.

To learn more about how to sell your home in days instead of months, please download our ebook today! Or learn about our super easy referral system that benefits sellers and buyers!

Follow Grays Home Solutions on Facebook, Twitter, Google+, and LinkedIn for more real estate made simple.

Source

http://www.washingtonpost.com/local/thousands-of-marylanders-are-losing-homes-in-second-wave-of-foreclosures/2013/08/10/859bbfde-fde5-11e2-96a8-d3b921c0924a_story.html

Avoid Foreclosure and Sell Your Home!

Home foreclosure happens to all types of people no matter what their job is. It’s a problem that many people throughout Maryland, Pennsylvania, Delaware, Virginia and even New Jersey have to face every day. Not even professional athletes are immune from the dangers of a house foreclosure.

Recently, former NFL quarterback Daunte Culpepper, who had played for both the Minnesota Vikings and the Detroit Lions, lost his 10,000 square foot Florida home to foreclosure. According to USA Today:

Culpepper bought the house for about $3.6 million when he was signed by the Miami Dolphins in 2006. The bank cited $3 million in debt in court papers. Records show Culpepper still owns another home in the suburb of Weston.

So, as you can see, foreclosure can happen to anyone. If you’re a homeowner who is facing foreclosure, like Culpepper was, don’t wait. You need to take action fast. Facing foreclosure is a serious issue and Grays Home Solutuions can help. If you’re having trouble obtaining loans to make your payments current or if you’re 2, 3 even 4 payments behind on your mortgage and can’t see a way out, we have a solution.

If you’re worrying about foreclosure, don’t wait another second. Something such as a foreclosure can ruin your credit and stay on your credit report.

And If you’re looking to sell a home, your answer is Grays Home Solutions. We cover it all, no matter where you are in the home buying or selling process. We’re professionals with the experience to aid you in navigating this difficult home market.

If you have a house that is in need of repairs and that you wish to sell, don’t hesitate to contact Grays Home Solutions. Use our fast response form and we’ll reply to you as quickly as possible.

To learn more about how to sell your home in days instead of months, please download our ebook today! Or learn about our super easy referral system that benefits sellers and buyers!

Follow Grays Home Solutions on Facebook, Twitter, Google+, and LinkedIn for more real estate made simple.

Source: Daunte Culpepper loses Fla. home to foreclosure, USA Today

Have Money to Invest? Call Grays Home Solutions!

In our nation alone, there are thousands of success stories that owe their success to real estate investments. If you’re an investor and you desire to build long term wealth but aren’t sure where to start, call Grays Home Solutions. We’ll help you make smart investments that pay off in the future. Even if you don’t have any knowledge of real estate, Grays Home Solutions can help.

If you have cash to invest, retirement funds or no cash but good credit, contact us to learn about our fantastic real estate opportunities. We can even help you grow your financial future tax deferred or even tax-free. Use our investor contact form today and we’ll get back to you as soon as possible. All of the information you provide will be kept completely confidential.

Investing with cash in real estate aided by Grays Home Solutions is a proven method to grow wealth. A few years ago, The Baltimore Sun reported that more than half of all homes sold went to buyers without bank loans. Those homes went to buyers who only used cash to buy properties around the Baltimore area. Experts found it more helpful than hurtful to the current housing crisis

If you’re a seller and have a home or distressed property that you’d like to get rid out, we can help you with that, too. We get homes sold quickly, often in as little as seven days. If you’re behind on your mortgage or are having trouble, we can provide help. No matter what state your home is in, call Grays Home Solutions and let us help you out of whatever home mess that you’re currently in. You don’t have to go into foreclosure, just call Grays Home Solutions for a free consolation on how to avoid having your home foreclosed on.

To learn more about how to sell your home in days instead of months, please download our ebook today! Or learn about our super easy referral system that benefits sellers and buyers!

Follow Grays Home Solutions on Facebook, Twitter, Google+, and LinkedIn for more real estate made simple.

Source: Investors with cash drive Baltimore’s housing market, The Baltimore Sun