New Blog Series: Frequently asked Foreclosure Questions Part one

    Since I get so many emails asking generally the same questions I have decided to do a blog series where I will post two questions every few days. See below the first two questions to start the series:

    Commonly asked Foreclosure Questions

    What takes place if I miss my mortgage payments or I am behind on my mortgage payments?
    Foreclosure can occur, but it does not have to. You can take action to stop foreclosure You now have more options than ever to prevent your home from going to foreclosure. The consequences of foreclosure can have lasting effects on your credit, and you may still owe the bank and the IRS money afterwards. In the State of Maryland once you have missed three mortgage payments the bank can file foreclosure on you. This does not mean if they have filed that you do not still have time for other options.

    What should I do if I am in danger of or miss my mortgage payments?

    By reaching out for help from a professional early, when you start missing payments, there is a greater chance of success in avoiding foreclosure. As soon as you anticipate problems paying your mortgage payment, contact a qualified professional to help you assess the situation. Many banks are willing to work with you if you reach out to them immediately, because they understand that individuals and families can face temporary job loss, serious illness, or other major life events that can impact their ability to pay their mortgage. However, it is in your best interest to have somebody represent you that does not work for the bank. If you are interested in a loan modification you need to reach out to a HUD approved counselor in your area so they can help decide if you will qualify for a loan mod. If a Short Sale is the option you seek, you need a qualified Realtor, who has experience with handling short sales. It takes a realtor with a significant amount of experience to handle these complex transactions, make sure you have one that has that experience.

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