Short sales on the rise in Maryland real estate market

by Administrator 1. April 2013 03:01

A noticeable rise of short sales has been reported in Washington and Maryland. With foreclosures increasing in recent years, local banks are now allowing mortgaged properties to sell for less than what is owed in an effort to avoid the drawn out foreclosure process.

According to Daren Blomquist of Realty Trac, Maryland had a 44% decrease in foreclosure sales compared to the previous years, while 28% of all property transactions consisted of short sales. However, he also predicted that between six to 12 months from now, the housing market will have more foreclosures.

If you are worried about affording your mortgage payments and want to learn more the short sale process and how it can help you, speak with our legal team at Chaifetz & Coyle, P.C. Call 443-546-4608 today to discuss your financial burdens and options for alleviating some of your debt.

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Short sale

Silver Spring Man Convicted for Conspiracy to Commit Mortgage Fraud

by Administrator 1. February 2013 03:40

A Silver Spring man who conspired to embezzle thousands in mortgage loans was sentenced to 21 months in prison by U.S. District Judge Peter J. Messitte and ordered to pay punitive damages of $625,000.   

 

In a guilty plea agreement, 49-year-old Dennis O. Edwards admitted to submitting fraudulent loan applications with the help of several unnamed co-conspirators to purchase or refinance homes in Silver Spring, Hyattsville and in Columbia by pretending to have worked as a nurse and as a moving company employee, earning a total of $6,000 a month. But in reality, Edwards was unemployed and receiving only $1,000 in Social Security disability payments.  

 

According to the District of Maryland U.S. Attorney’s Office, Edwards also tried to convince the bank to accept a “short sale” of the Columbia property after it was set to be foreclosed.

 

When you are financially unable to afford your mortgage, a legal short sale may be your best financial option. Call the short sale attorneys of Chaifetz & Coyle, P.C., to learn more about this process and how they can see you through the process.  Call 443-546-4608 to learn more. 

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Suzuki files for bankruptcy, to leave U.S. market

by Administrator 6. November 2012 07:24

American Suzuki Motor Corp., the sole U.S. distributor of the Japanese automaker, filed for Chapter 11 bankruptcy protection Monday. According to the New York Times, Suzuki lists $346 million in debt, which it claims was caused by its limited lineup, unfavorable foreign exchange rates, and low car sales.

While Suzuki will no longer distribute cars in the United States, it will continue to sell its brand of motorcycles, marine products, and ATVs. Many analysts are not surprised by the car manufacturer's decision to leave the U.S., as neither market appeared to have needed one another. Suzuki continues to be a successful brand in Southeast Asia and India.

The carmaker will continue to operate as normal during bankruptcy procedures. The Indianapolis Business Journal states that Suzuki will continue to honor car warranties and buyback agreements during restructuring.

If your business is in debt, Chapter 11 bankruptcy could help your company pay back its liabilities and still stay open. Contact the bankruptcy lawyers of Chaifetz & Coyle, P.C. at 443-546-4608 to learn more about how we can help you through this stressfuld time.

Maryland foreclosures increase from last year

by Administrator 4. October 2012 08:26

New data from RealtyTrac reveals that foreclosure filings in Maryland increased 55 percent in August 2012 compared to the same time last year. This statistic goes against the national trend of declining foreclosure notices. However, August saw eight percent fewer foreclosures filings than July.

Foreclosure starts increased 29 percent in August 2012 compared to August 2011 and jumped 55 percent from July 2012.

According to the Baltimore Business Journal, about one in every 1,617 homes in Maryland were under foreclosure. The state came in at number 36 nationally, with Illinois with the most and North Dakota with the least. On average, one in 681 homes in America were under foreclosure in the month of August.

If you would like to learn how to avoid foreclosure, contact the mortgage modification lawyers of Chaifetz & Coyle, P.C. by calling 443-546-4608 today.

Short sales on the rise

by Administrator 7. September 2012 07:45

Banks and lenders are more and more leaning towards short sales rather than foreclosure, why? Because it saves them time and money. According to CBS News, $8.7 billion of the $10.6 billion paid out for mortgage relief has gone towards short sales.

Compared to foreclosure, short sales cause the lenders to lose less money than if a house is foreclosed. Banks also benefit from short sales because the property does not entire their inventory. Foreclosed homes can become a liability for lenders when they are abandoned or vandalized.

In the first quarter of the year, short sales have gone up 25 percent. However, short sales are not necessarily a good thing for homeowners. Short sales can severely damage credit scores.

If you are struggling with your mortgage payments and want to learn more about the short sale process, contact the short sale attorneys of Chaifetz & Coyle, P.C. today at 443-546-4608.

Mortgage rates hit all-time low

by Administrator 2. August 2012 08:08

According to Bankrate's weekly survey of national mortgage prices, last week saw a fourth new record in mortgage rates. The average 30-year fixed mortgage rate went down to 3.75 percent from 3.78 last week. The 15-fixed mortgage rate is also dropping, down to 3 percent from 3.04.

Adjustable rates are also low, though not continuely dropping like the fixed rates. 3/1 ARM dropped to 3.04 percent, 7/1 pushed up to 3.06 percent, and 5/1 stayed the same at 2.89 percent. Due to the slowing economies domestically and abroad, many have begun to invest in government bonds. Since yields on bonds have also been at a record low, mortgage rates have followed suit.

According to Bankrate, the last time mortgage rates went above six percent was in late 2008.

If you are considering modifying your mortgage but are not sure if it is right for you, contact the mortgage modiciation lawyer Chaifetz & Coyle, P.C. by calling 443-546-4608.

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