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.

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

We’re Buying Houses in Frederick and Washington Counties

Grays Home Solutions is looking to buy houses in Frederick and Washington Counties in Maryland. You don’t have to wait months for your house to sell! Contact us to get a free, no obligation, ALL CASH offer. When you call us you pay no commission, make no repairs, and your house sells fast. Ever heard the saying time is money? Well, we don’t waste time.

If you’re not selling, you may know someone who is looking to sell. Talk to us about how our referral program can benefit both you and the seller. What do you have to lose? Contact us today about properties in Frederick County and Washington County Maryland.

Find Debt Relief in Maryland Now

If you’re deep in debt, chances are that your house is one of, if not the biggest contributing factor in your debt. Keeping up with mortgage payments on top of all of your other financial obligations can be a struggle, and for many it’s one that involves threatening letters from lenders and creditors, and lots of stress and uncertainty. If you’re feeling trapped under the weight of debt, the most practical thing to do is to analyze the sources of your debt and figure out what you can change to eliminate these sources.

Grays Home Solutions offers immediate debt relief that will take a huge financial obligation and weight off your shoulders. We buy homes of all shapes and sizes, in any condition, in any location, and at any time. Because we work with private creditors, we can skip the waiting and get down to business and get you debt relief when you need it, which is now. Don’t let your debt become a problem you have no control over. Grays Home Solutions allows you to stop playing defense and take a big step toward fixing your debt problem. If you’re a homeowner in Maryland who wants to change your financial situation, talk to us today to see how we can help.

Stop Renting, Start Owning

Wouldn’t it be nice to own your own home instead of paying rent every month on a property that will never be yours? Renting makes sense in the short-term, but if you’re looking to live in one location for the long-term, buying is undoubtedly the better option. Still, some buyers are deterred by the high initial cost of purchasing a home. With Grays Home Solutions however, this isn’t a problem.

Our goal is to find the best deals on homes in Maryland for you. We find properties that are affordable, and we sell them to you quickly. Imagine being able to buy a property without the hassle of a long-drawn out closing process, and at a much lower price than other homes. These are two big advantages that will get you into a home much faster than you thought possible and at a price you can’t beat. Contact us today to talk about our listings and how we can get you into a home before you can say “I’m moving!”

Sell Your Home Fast in the New Year

If you need a fresh start in the new year, Grays Home Solutions may be able to help. It isn’t easy when you can’t make payments on your mortgage and you’re getting threatening letters from your lender in the mail. Unfortunately, sometimes a new year’s resolution isn’t enough to keep you above water. If you need real help with selling your home fast, we can provide it. We specialize in speed, and when you’re under the threat of foreclosure, even a short sale can be a lengthy waste of time. We offer immediate debt relief regardless of whether or not you have equity in your home. Don’t let your financial woes follow you into another year. Contact us today and let’s discuss your situation. We charge nothing for our service and are here to help!

What to do with Your Fixer Upper

What are your options when it comes to fixer uppers? The low price entry point makes it easy to do almost anything you want with your fixer upper. Here are a few of your options.

Move In

Home sweet home. It might need some work, but you can afford it having saved on the purchase price. You can give your new house a new life with some time and work, and the next thing you know your house will feel like more of a home than the other one you were looking at. It’s very satisfying to see your vision for your home come to fruition, and with a fixer upper you can start from the bottom and create the home you always wanted.

Rent

Another option you have is to rent the house for positive cash flow. Spend some time getting everything ship shape and then find a tenant. If you put the effort in, people are going to want to live in your house, and once you get a tenant, you start making back the money you invested.

Sell

The economy and housing market are starting to pick back up, so now is a great time to get in. Get the house in good shape and put it on the market. Not only will the work you put in increase the property’s value, it will attract potential buyers. The potential for gain from selling a fixer upper is very high, which makes it an attractive investment option.

If you’re looking to invest in low-cost properties with lots of earning potential, we can help. Gray’s Home Solutions has properties of all types across the state of Maryland. Contact us for a full list of properties. Even if you’re not looking to buy right now, 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.

How Fixer Uppers Help the Housing Market

There is plenty of truth to the idea that high quantities of distressed homes can bring down the market as a whole. Distressed, untended properties are an eyesore that decrease property values for everyone in the neighborhood. So in a state where foreclosures and short sales are still high, many real estate investors are putting their money into these fixer uppers.

The low price entry point for fixer uppers is what allows so many investors to get involved in this area. Houses sold at short sales go for significantly less than what they’re worth. Your first thought might be, how can houses being sold for less than their worth be good for the market as a whole? Well, many investors are choosing to invest in significant repairs, both structural and aesthetic, to these houses. This brings their value back up to a normal market level. Then these houses, which were once a blight on their neighborhoods, are returned to the market in much better condition, and at a much better value. Now that these houses are once again attractive to potential buyers, the market sees more activity in an area where it was once struggling, and neighborhoods are revitalized. This is all thanks to the efforts of investors who see potential in an undervalued market.

What Are The Benefits of Buying a Fixer Upper?

Thinking about buying a fixer upper? Buying a fixer upper gives you a few significant advantages over other property seekers and lots of options once the renovations are complete. Here are some of the benefits of buying a fixer upper.

Less Competition

A fairly high percentage of people who are on the market for a new home simply don’t consider fixer uppers as an option. They may be unwilling to make repairs or invest time into renovations. Either way, this means that there’s less competition for fixer uppers, making it easier for you to purchase one. Less competition also drives prices down, which means you’ll pay a lot less than you would for a new home.

Acquire Handy Skills

It’s up to you how much of the repairs you want to do yourself versus how much work you decide to contract out. For big repairs, you’ll probably want to hire contractors, but if you’re a handy type, you can easily take on small fixes. Learning how to do these kinds of repairs will help you if you decide to continue investing in fixer uppers in the future.

Post-Repair Options

Now that the repairs are done, you have plenty of options to choose from. You can live in your new home, which you paid a lot less for than you would have for another home in the area. You can rent the home for positive cash flow. Or you can even sell the home for a profit. Buying low lets you keep all these options on the table. Overall, while many shun the idea of buying a fixer upper, it’s actually a great investment, and depending on what you decide to do with the property, you stand to make a very nice profit off your investment.

Source

http://www.realtor.com/home-finance/homebuyer-information/facts-on-buying-a-fixer-upper.aspx?source=web

How To Turn a Fixer Upper into a Great Deal

Many people are quick to judge a house based on its appearance. And while it’s true that many of the homes we offer need some work done, it’s also true that behind a tired exterior, they have a lot of potential. And while others might pass this opportunity by after determining that they’d never live there after a quick glance, those who see this potential see the chance to make huge profits.

Here’s an example that shows the numbers really do add up. We recently had a home with an asking price of $50,000 and in need of repairs, estimated at about $30,000. Fixed up, the house was worth $190,000. We have private money which you can borrow for around 8%, which would allow you to make an interest only payment until the home was repaired and sold. Four months is sufficient for this process. This means you would have a $533 payment for 4 months, which adds up to $2,132. For $2,132, you could have purchased the home, directed subcontractors to do the repair work, resold the home, and made close to $108,000. Making over $100k in 4 months time with 8 months remaining in the year to live off your profits is absolutely a great deal.

Grays Home Solutions has nice homes in move-in condition for sale, and you don’t have to qualify for the loan. Just come up with a small down payment, pay no closing cost, no fees, and the home is yours. The rest is up to you. You can move in to the home, rent to others for positive cash flow, or resell for profit after the market has recovered. We find the deals for you, get you the financing, and you make the money. It really is that simple. You can contact us at any time to discuss a plan that will turn that fixer upper into success and wealth for you.

How Short Sales Create Opportunities for Real Estate Agents

Foreclosures continue to flood the housing market in Maryland, and the state continues to get a lot of bad press for this reason. However, foreclosures are not necessarily a bad thing. When foreclosures are turned into short sales, they present opportunities for everyone involved. The seller has the opportunity to avoid filing for bankruptcy and to save his or her credit score. The bank has the opportunity to recoup more of the value of the house than it would have on a foreclosure. The strain on the judicial system is eased, and everyone’s time is saved. And, short sales present lots of opportunities for savvy real estate agents.

The high volume of foreclosures that can be turned into potential short sales presents a great opportunity for real estate agents. Buyers are out there looking to capitalize on these great investments, and when a buyer and seller come together, they need a real estate agent to conduct the process. Agents who specialize in short sales can see lots of activity in a market that is otherwise still recovering at a slow pace. Short sale training is available for agents who are looking to learn the specifics of a short sale transaction, making it easy for agents to learn how to conduct a short sale. Not only will this knowledge serve well in the short term to conduct sales, it will also add to an agent’s own portfolio of marketable skills, making it a potential career-booster in the long term.

Source

http://home.howstuffworks.com/real-estate/10-benefits-of-short-sale-over-foreclosure.htm#page=6