What is considered a Short Sale in Maryland?
Robert McArtor is the #1 Short Sale REALTOR in Maryland
A Short Sale in a real estate transaction occurs when the outstanding loan on the property is greater than the proceeds from the sale of the house after all the closing costs, taxes, liens are paid. The home owner must meet all the qualifications of a short sale in Maryland. The Home Owners Lender must also agree to allow a short sale of the mortgage. Did you know your Lender COULD release you fully from your mortgage and forgive you of your deficiency? The HAFA program, if qualified, offers $3,000 back for relocation expenses. Some Lenders are also offering CASH incentives to homeowners to do a short sale instead of a foreclosure. Learn more from our "Short Sale Tips Page"
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Whether you are in Harford County Maryland considering a Short Sale, Baltimore County, Cecil County, Anne Arundel County, Baltimore City, We are here to help you avoid foreclosure and become a Bank Owned Property.
What is a short sale?
It’s likely you’ve heard the term “short sale” thrown around quite a bit. But what, exactly, is a short sale in Maryland, Harford, Baltimore & Surrounding Areas?
A short sale is when a bank agrees to accept less than the total amount owed on a mortgage to avoid having to foreclose on the property. This is not a new practice; banks have been doing short sales for years. Only recently, due to the current state of the housing market, has this process become a part of the public consciousness. To be eligible for a short sale, you first have to qualify!
To qualify for a short sale in Maryland,
a.) Your house must be worth less than you owe on it, and
b.) You must be able to prove that you are the victim of a true financial hardship, such as a decrease in wages, job loss, or medical condition that has altered your ability to make the same income as when the loan was originated. *You cannot qualify for a short sale if you simply want to move, as the bank will scrutinize your financial records to confirm financial hardship. I meet all of these criteria. What do I do now? Once the bank is on board, the real work begins…
1.) Find a QUALIFIED agent to handle your short sale in Maryland . It’s a good idea to find one who has completed at least 30 successful short sale transactions, as short sales require a very specific skill set. Knowing how to successfully navigate pitfalls and avoid potential delays is key to the success of the transaction. Read through our short sale expertise throughout this site.
2.) Speak to a certified accountant to determine if there are tax ramifications. If you’re listing your primary residence (meaning that you have occupied the property for at least two of the last four years), you will more than likely be exempt from any IRS penalty. However, that’s not always the case, and in some instances on primary, secondary, or investment real estate you may have some liability. Remember, real estate agents cannot give tax advice, so be sure to see an accountant prior to starting the process.
3.) Put together a short sale package for your agent to submit to the bank. The short sale package should include: Your last two years’ tax returns Your last two months’ bank statements An authorization letter granting your agent permission to speak to the bank on your behalf An itemized accounting of how much money you make per month versus what you’re paying out in bills A financial hardship letter. (Your agent should help you write the letter.) Give all of the information and paperwork to your agent and get that property listed! *Once your agent has listed the property do not communicate with the bank anymore. All communication from this point forward should be handled by your agent.
Remember, dealing directly with the bank can cause confusion and lead to unnecessary delays. Once you’ve completed these steps, you can look forward to selling your property and moving on! Bear in mind, the short sale process is extremely complicated, and best handled by a trained, experienced professional. If you need further information on short sales please contact us! The information above is just an overview for consumer education purposes. There is much more involved in completing a successful short sale! Contact Robert to find out if a short sale is right for you.
Deed In Lieu of Foreclosure in Maryland, Harford, Baltimore County or City
Harford, Baltimore Surrounding Areas A Deed In Lieu of Foreclosure in Maryland is an option if you do not qualify for any of the other alternatives and you do not have additional liens against your property or home in Maryland. To avoid foreclosure in Maryland you may be able to deed the property directly to the lender.
Forbearance Agreement in Maryland, Harford, Baltimore County or City
Harford, Baltimore Surrounding Areas If you are unable to make a loan payment on your loan, you may qualify for a Forbearance Agreement. This is a formal repayment plan which if approved by the Trustee's client will stay any pending foreclosure while payments are being made.
Repayment Plan in Maryland, Harford, Baltimore County or City
If your loan is past due for one, two, or three payments because of a temporary financial setback, you may qualify for a Repayment Plan. You must be able to make the monthly loan payment and pay an additional amount towards the past due amount each month until the loan is brought current.
Loan Modification Agreement in Maryland, Harford, Baltimore County or City
Harford, Baltimore, Surrounding Areas.If you are unable to pay your past due loan payments, but you can meet your monthly obligations, the Trustee's client may be able to make a Loan Modification by adding the delinquent escrow payments to your loan balance to bring your loan current. Your current mortgage interest rate must be within market guidelines. If you have any additional liens against your property, the lien holders must be willing to subordinate their interest to the new loan amount.
Short Sale in Maryland, Harford, Baltimore County, City or Cecil County
Harford, Baltimore, Harford, Anne Arundel County, Cecil County and Surrounding Areas. If you wish to sell your property, but the net proceeds from the sale is not enough to pay off your loan and you cannot afford to pay the shortage; the investor may allow you to sell your property without paying the entire amount due.
Have you Received a Notice of Foreclosure?
View the NEW Maryland FORECLOSURE TIMELINE HERE
Robert McArtor is Harford County's Short Sale Realtor
Did you know that Properties facing foreclosure still have options in Maryland. The short sale is one of them your lender may want you to choose from. Real estate analysts predict that this year, lenders will be more likely to approve short sales due to legal issues, property maintenance costs and other challenges in the foreclosure process. A short sale will help you to avoid the stigma of a foreclosure on your credit report.
As a buyer, these short sale opportunities are at your fingertips when using one of our experienced Buyer’s Agents. As a seller, how do you get started with a short sale?
You made the right choice with Harford County's TOP short sale realtor, Robert B. McArtor. An expert in the Short Sale and Foreclosure market, Robert of Maryland HOMES Team with RE/MAX Components will walk you through the process every step of the way. I challenge you that before you choose a real estate professional to help with your short sale, check out their success record. We have a 96% success rate with getting bank approval and in most cases, getting the homeowner moving expenses credited to them at closing!. Our team of short sale specialists are trained in getting the process done with the least amount of problems.
The Best Short Sale Real Estate Agent in Harford and Baltimore County….. A short sale requires knowledge and experience. Short sale realtor Robert McArtor has both.
the right forms to complete for every step of the process
the deadlines necessary to complete a short sale anywhere in Maryland
how to ascertain the types of loans the lender will accept for the property
what types of offers are acceptable to the banks.
Finally, Robert B. McArtor understands short sales in Harford and Baltimore County. He can help whether you are buying or selling. From the initial consultation to the closing.
He will provide the most professional service and the quickest turn-around you can find in the Harford County, Baltimore County short sales market.
Contact Robert McArtor of Maryland HOMES Team with RE/MAX Components today
443-392-4833 for help with any short sale real estate transaction in Harford County, Baltimore County or the surrounding areas.
Counties Served Baltimore County, Baltimore City, Cecil County, Harford County, Montgomery County, Anne Arundel County
Communities Served Aberdeen, Abingdon, Bel Air, Belcamp, Chase, Churchville, Darlington, Dundalk, Edgemere, Edgewood, Elkton, Essex, Fallston, Forest Hill, Havre de Grace, Jarrettsville, Joppa, Kingsville, Loch Raven, Middle River, North East, Nottingham, Overlea, Parkville, Perry Hall, Perryman, Perryville, Rising Sun, Riverside, Rosedale, Timonium, Towson, White Marsh, Rockville, Annapolis, Glen Burnie, Owings Mills, White Hall, Joppa Town, Pikesville, Long Green, Fort Howard, Hunt Valley