Foreclosure in Hagerstown>Question Details

Sandra West, Home Buyer in Hagerstown, MD

if i am 7,000 behind on my house payment and about to forclose if i put on market to sell will that put the

Asked by Sandra West, Hagerstown, MD Tue Jan 20, 2009

forcloser off just intill i can get caught up and find a job:

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All up to your lender , speak direct with them regards listing your home, request for extension Lender has power stop any foreclosure need to keep in contact with them Good luck
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1 vote Thank Flag Link Tue Jan 20, 2009

Both the prior writers are correct. Start a dialogue with the lender. They will interview you and give you options ranging from some type of workout such as lower interest rate, capitalization (add delinquency to backend), or extend the life of the loan. They may advise you to list the home and sell either at market or "short." That is usually better than foreclosure on your credit. The banks will do a lot in order not to foreclose. Even if you are listed on the market they will move forward with foreclosure but typically will delay the courthouse auction or bank repossession as much as possible. Jon Tucker with RE/MAX 100.
1 vote Thank Flag Link Tue Jan 20, 2009
Sandra- Simply putting your home on the market will not stop any foreclosure. Call your lender and see if there is anything they are willing to do. Next call a short-sale expert and get the home on the market.
1 vote Thank Flag Link Tue Jan 20, 2009
Sandra, you need to talk to your lender NOW to start a dialogue with them and explain your situation. Otherwise they can and likely will proceed with the foreclosure and probably put a crimp in your plans to sell the home
1 vote Thank Flag Link Tue Jan 20, 2009
The stimulus package has not been passed yet and therefore the nuts and bolts of it's application have not been worked out yet but there is speculation that housing assistance may not be comprehensive. here's a good article:
Why There's No Mortgage Help in Stimulus Package

right now there are associations like this one that offer some assistance:
Help My House Payment
this association is offering housing payment assistance
and even has deals on monthly services to help you reduce
bills and save money. associations like this are starting to
pop up as more people need help in the worsening economy.
I'd suggest them to anyone who is looking for some quick help.
0 votes Thank Flag Link Mon Mar 9, 2009

Maryland is one of only a few States that recently passed laws giving homeowners 12-months to work out payments on their homes directly with the lenders before the lender can foreclose on the home. However, most lenders are not accepting partial payments on back mortgage payments as this would reset the 12-month rule for the lender to be able to move forward with foreclosure. I would suggest you call the Hagerstown Home Store and speak directly to a counselor or the Washington County Housing Authority. Both places may be able to inform you about certain State Programs available or help homeowners negotiate with your mortgage lender. There is typically no fee to speak to either organization. The Hagerstown Home Store is next to City Hall in Downtown Hagerstown and you may want to ask for Barb Spielman. She would most likely be able to help you or at least get you to the correct person. Do you know what your current home is worth at this time? Do you think you owe more then what the homes current market value is?
0 votes Thank Flag Link Thu Jan 22, 2009
All of the answers here are good. The main thing that needs to be done is to communicate with the bank your situation. A real estate angent can do a CMA for you that will give you an idea as to how much you will be able to sell your house for. Once you have the house an the market, many times the real estate agent can then work directly with the bank to settle everything for you. I also recommend that you speak to an attorney that specializes in property. I recomend Robinson & Robinson in Hagerstown. If you would like to speak directly with me about your situation, I would love to try to help you through your situation. I am currently in the process of helping another person in the hagerstown area with the same type of situation. You can call me at 301-661-9694 or 888-762-1554
0 votes Thank Flag Link Wed Jan 21, 2009
1. Call the lender's retention department (some call it different names) not the collection dept.

2. Call an attorney that specialized in real estate because you can file bankruptcy and stall the foreclosure sale - but that costs you money too!

3. Good Luck, if I can help feel free to contact me.

Bill Wootan
Web Reference: http://www.billwootan/com
0 votes Thank Flag Link Tue Jan 20, 2009
I don't think it will stop the foreclosure. Find a real estate agent that is a "short sale" specialist. You give them authorization to work with the bank and they can work directly with the bank on your behalf to price the home to sell at fair market value. Once they have an offer, the bank will work with you to walk away from the home.
Web Reference:
0 votes Thank Flag Link Tue Jan 20, 2009
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