Your home is one of your most significant investments, and the risk of losing it is likely to leave you feeling powerless, your property slipping away from you like your grip on the rope in a round of tug-of-war. But don’t worry: you’re not alone. Here are some facts about foreclosure that you should know if you’re in the process of undergoing it. Foreclosure in MD
-There are over 1 million homes that are currently in some phase of foreclosure in the U.S.
– In the first quarter of 2013 alone, almost 1.5 million properties were in a stage of foreclosure.
-More and more home are being sold fast during the pre-foreclosure period, in which the house has not yet been put up for public auction.
-Fannie Mae, Freddie Mac made up 12% of foreclosure inventory, second to Bank of America, Wells Fargo, and JPMorgan. Avoid Foreclosure in MD
-In states that require banks to receive court approval before filing a foreclosure action against a borrower, the process can take several years to complete.
-35% of properties in foreclosure during the first quarter of 2013 were either vacated or a situation in which the homeowner had relocated.
-Institutional real estate investors are racking in business by purchasing foreclosures and flipping them before renting or selling them.
If you’re trying to avoid foreclosure in Maryland, we can help: call us today at 240-347-3141 for a free and confidential consultation regarding your foreclosure. Feel free to download our Stop Foreclosure Ebook, too, to learn more.
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