Should I Strategically Default on my mortgage and “punish” Fannie Mae?

Posted by Owen McGab Enaohwo on Jul 2, 2010 | View Comments

A couple of days ago the Federal National Mortgage Association (AKA Fannie Mae) sent out a press release stating their plans to “punish” homeowners who strategically default (walk away) on their loan. They also released an updated guideline explaining what they had in mind. This news immediately caused a storm and the news media as well as some notable real estate professionals where all ranting about it.

Beware these Foreclosure Scams – Be ready to combat their schemes and fraud!

Posted by Owen McGab Enaohwo on Jun 30, 2010 | View Comments

The good news for you is that, if you’re facing foreclosure, there are several legitimate options for you. My favorite is Short Sale; to get this done, you will need to hire a Real Estate Agent to list your home for sale, find a buyer and negotiate with your lender to take a discount on what is owed on the property due to loss in value (click this link to learn more about short sales). The bad news is that there are many con artists who are taking advantage of the bad economy to try to rip you off. And one of the major ways they’re doing this is through foreclosure scams. To save you from a devastating blow to your life and finances, let’s discuss these scams.

A True Foreclosure Story – Note: the tale you are about to read might be yours!

Posted by Owen McGab Enaohwo on Jun 24, 2010 | View Comments

Painting the picture – You are a homeowner experiencing a financial hardship, you have lost your job and can’t keep up with your mortgage payments. You desperately need to find a solution to the problem because it’s weighing down heavily on you. You can barely function or think properly because it feels like your whole world is crumbling and you need to get you life back on track.

Maryland short sale approval success story: $91K Forgiven (discounted) by American Home Mortgage Servicing

Posted by Owen McGab Enaohwo on May 31, 2010 | View Comments

My reason for doing this:

I have decided from now on to start blogging about my success with short sales so that you can see for yourself the prove that once you hire me as your real estate agent; I will get the job done, you will get to avoid foreclosure and get the peace of mind that you deserve (enough with the self praise – now to details on this deal).

The background story:

Last December, I got a call Michael Y. (my client and seller of this short sale), he said he had seen a blog post online about short sales that I had written and needed some more explanation. Excited, I gladly took the time to answer all his questions over the phone and then set up a meeting with him several days later to sign the listing agreement. The listing appointment with him was great, when it was over I prepared to do battle with his lender, but first I had to get the property listed.

 

 Testimonial from Michael Y. A successful short sale client in Maryland - Kind words from someone I helped avoid foreclosure [1:24m]: Play Now | Play in Popup | Download

The Maryland Foreclosure Law and Timeline; in simple and plain English that you can understand!

Posted by Owen McGab Enaohwo on May 2, 2010 | View Comments

Disclaimer: I am not an attorney, I do not play one on my blog so please do not assume I am practicing law or giving you any legal advice. If you need an attorney, please take the necessary steps to hire one!

On April 4, 2008 a new foreclosure law in Maryland went into effect. All foreclosure proceedings after that date have to follow this law. The law outlines a series of steps that your lender will have to carry out within a specific timeline in order to foreclose. This effectively gives you – the homeowner enough time to find a solution to your problem and avoid a foreclosure as well as the negative consequences it will have on your credit rating. Having a foreclosure filed against you will prevent you from acquiring a loan for a new house within 5 to 7 years after the foreclosure even if your financial situation improves.

Townhouse For Sale Bowie Maryland Short Sale 11201 Westport Dr Home

Posted by Owen McGab Enaohwo on Apr 29, 2010 | View Comments

This is an announcement for a Townhouse I have listed For Sale in Bowie MD 20720 – Short Sale:

Submit AS IS offers for this Well maintained end unit townhouse, 3 Br / 2 Ba on main level. Its a beautiful home, Hard wood floors, and finished basement with wall to wall carpet and additional rooms.