Seller Resources - Articles

Selling Your Home - Short Sales and the Foreclosure process.

In default? When does the foreclosure process begin?
Lenders will generally initiate foreclosure proceedings when borrowers become delinquent in their mortgage obligations, usually after three payments are missed. The lender will notify the borrower in writing that he or she is in default. 

It would be in your best interest to call and speak with your lender regarding any process that would allow possible payment plans to the lender to help avoid a foreclosure.

Should your income be limited, with no option of payment for money in arrears, you may want to look into the possibility of a Short Sale proceeding.
This option allows the sale of your home at a price of less than what you owe the lender. 

It can be a difficult process and most lenders prefer to speak with experienced  Realtor's who can help to facilitate your short sale transaction. Here at RE/MAX New Beginnings, we are certified to assist you and employ the service s of attorneys who will negotiate on your behalf.

If you find yourself in this situation, please call immediately, don't wait.
We may be able to help you!


How long do bankruptcies and foreclosures stay on a credit report?
Bankruptcies and foreclosures can remain on a credit report for seven years. Some lenders will consider a borrower earlier if they have reestablished good credit. The circumstances surrounding the bankruptcy can also influence a lender's decision.

Mitigating circumstances, short sales, foreclosures, Deed in Lieu etc.
Don't go it alone, call us today!


RE/MAX New Beginnings
RE/MAX New Beginnings
(410) 242-0220
1424 Sulphur Spring Rd Baltimore MD 21227
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