Housing prices have seemed to stablize in the past 45-days in Washington County Maryland. Prices are still low and interest rates are still at historic lows, but we are not seeing the dramatic price decreases like existed early in summer. In June 2009 there were 104 homes sold in Washington County. Of those 104 sales, 44 homes sold in 60-days or less. This means that homes are not sitting on market as long, which would seem to reason that the homes would not be reduced in price as much as they are not sitting on market. The average sale price in May 2009 for Washington County was $180,000. The average sale price increased to $200,877 during the month of June 2009.... more
Since it sounds like you wish to stay in your home, you may want to consider doing a loan modification, loan restructuring or loan workout with your existing loan servicer. Finding employment (and quickly) will be your priority and key to success since the loan servicer will want to see that you have the financial means to continue to make payments once the terms of your loan are re-cast.
You can attempt to negotiate directly with your loan servicer; however, many homeowners feel intimidated or uncomfortable doing this themselves. There are companies that offer loan modification services. You may also find that some Realtors are offering this as a service (licensing requirements vary from state to state). Be cautious of companies or individuals demanding full payment up-front. Look for those who either charge a graduated payment for various steps in the process or better yet one that only charges you a fee if and when the loan restructuring is approved.... more
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.... more