As foreclosures continue to plague the real estate market nationwide, Salisbury was recently mentioned as one of the top areas in Maryland with loans in default. Recent numbers show that over 9% of mortgages in the city of Salisbury are at least 90 days delinquent. In a normal market the average is 1-3% of mortgages in default. Salisbury was the top municipality per capita with loans in default, while Prince George’s county was the top county in Maryland with over 15% of all loans at least 90days behind. Prince George’s county actually landed on the top ten lists for foreclosures in the nation.
One of the reasons we have been deeply affected here in the Salisbury area, is simply the fact most people do not know what options they have if they are facing foreclosure. There are several options, some which will pay a consumer to participate in a program that saves their home from a foreclosure. Banks are now paying up to $30,000 for relocation on short sales. Organizations like Fannie Mae have implemented procedures such as the Help Desk to move short sale and loan modification along at a smoother pace.
The most important step any consumer can take if they are facing foreclosure is to reach out to a qualified professional to assess their situation. Preventing foreclosure is a very complex process and needs to be handled by someone who has significant experience. Beware of any company that guarantees they can save a house from foreclosure, or guarantees they can get a loan modification. In the state of Maryland it is totally illegal for someone in a pre-foreclosure situation to be charged money up front, as well. If you or someone you know is facing foreclosure and you need more information feel free to contact me, anytime. We are the ground troops in this war and without working together to help prevent ongoing foreclosures our market will continue in the downward spiral that it is in.