My husband and I own a condo in Odenton, Md. Very near to Ft Meade and the BRAC relignment which is supposed to bring in 20k people to our area.

Asked by Lisal0102, Odenton, MD Sun Apr 11, 2010

We want to sell it but we are pretty sure we don't have enough equity to cover paying a commission to a realtor. We are considering looking into doing a short sale. My husband and I were both laid off, me in Dec 2008 and him in May 2009. I just went back to work in Dec 2009 and he is still laid off. We have never been late on our mortgage and I won't consider walking away or forclosure. We have an FHA mortgage which is serviced by Bank of America. I have read that an experienced realtor can negotiate that our loan be reported as PAID IN FULL to the credit bureaus so that our credit will not be as damaged.
Please let me know if you are experienced with this and provide contact info so that I can contact you.

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JT Buy Sell…, Agent, White Marsh, MD
Fri Jul 2, 2010
This is the month of JULY. Your question was asked in APRIL. I would like to help you. Are you woking with a Realtor, now? IF NOT, I may assist you. As a Realtor who holds a CDPE designation; "Certified Distressed Property Expert" , I am TRAINED TO ASSIST home owners like yourselves. I may be able to "protect your credit" and your mortgage company will pay the Realtor Fees, not you, when you work with me. Please e-mail or phone me so we can "chat" privately, not on this public site. or 410-875-2546 are the quickest ways to reach me. MY hours are Mon-Sat 9 to 9 and Sundays by appointment only. JT KAELIN, SRES,CDPE Realtor; ExecUhome Realty 410-384-6000. EQUAL HOUSING & DISABILTY.
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1 vote
Scott Smolen, Agent, Gambrills, MD
Fri Jun 24, 2011

If you are still considering short selling your condo, an experienced Realtor can help with the determining the market value. However in order to get the best terms from a short sale, it is best to retain and work with a legal and financial expert who is both experienced and qualified to negotiate a short sale. It is a little known fact that the state of Maryland requires a credit service license to negotiate a short sale. Less than 1% of the folks that are doing this are actually licensed to do so.

I work together with a firm on the link below who negotiates short sales. The best part is that their service is absolutely free to you as a Seller. The bank pays all of the fees to the Realtors as well as the credit service company. If you are interested in consulting with them, please feel free to contact them directly. You can let them know that I passed their information along to you as well.

If you have any other questions at all, please just let me know and I will be happy to help.
0 votes
Jessica Hood…, Agent, Gambrills, MD
Mon Jun 14, 2010
Hi Lisa,

I wish it were the case that Fort Meade BRAC was going to bring 20,000 people to our area. It is not. That is the total (high side) for the entire state of Maryland and most BRAC jobs are going to be housed way north of us at Aberdeen Proving Ground. Since homes are much less expensive in that area there is no expectation those folks will be buying in our area to commute an hour each way. Of the 5,700 or so jobs that are slated to head our way at least half of those will be renters. And another portion will be commuters from VA or employees hired from the local market who already live here. The remaining homebuyers will be split over 12 - 18 months and four counties (Howard, Prince Georges, Anne Arundel and Baltimore). Certainly Odenton will see a lion's share because of it's proximity to Fort Meade. But the long and short of it is that BRAC could have a temporary stabilizing effect at best. Short sale is an option but qualifying for that will depend on your assets, the sale price you are able to get from the home, your lender's criteria and many other factors. The truth is that short sales in the Fort Meade area are not time tested. They are a relatively new phenomenon and there are not a lot of credit reports circulating that tell us exactly what the outcome is. It will most definitely vary from lender to lender. The latest phenomenon is the sale of your deficiency (the amount you sold "short") to a 3rd party collection agency. Your lender may retain the right to collect that amount even years after you sell. It's something that can work in the case of a true hardship but no one can guarantee that you will be released from your mortgage obligation.
0 votes
John Newman, Agent, millersville, MD
Tue May 11, 2010
Please visit and you will find answers to a lot of these questions.
0 votes
Gerard Dunn, Agent, Chevy Chase, MD
Sun Apr 11, 2010
Lisa - The mortgage will never be marked "Paid in Full" unless it truly IS Paid in Full.

The mortgage on a short sale will be marked as "Account Settled for less than Full Amount" .

This will adversely affect your credit - but not nearly to the extent of a foreclosure.

I would get in touch with Bank of America and explain your quandry. Tell them you are willing to keep the account current - if they are willing to work with you on a short sale.

This is the best possible solution in your situation - and will allow you to move on with your life until you are both back working .

Good Luck!

Gerard Dunn
Associate Broker ~ Over 27 Years of licensure
Serving Maryland, DC and Northern Virginia
0 votes
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