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.

Should Homeowners strategically default on their mortgage payments?

Posted by Owen McGab Enaohwo on Apr 9, 2010 | View Comments

I know the title got your attention but before you pass judgment, I suggest you read the entire blog post and then tell me what you think by leaving a comment.

Why do you want to strategically default?

A few years ago, you applied for a mortgage to buy a home for your family to live in and have a roof over their heads. It was meant to be an investment, a means for you to increase your total net worth and move up to the next level in life. You were so glad the bank approved your loan that immediately after buying the house, your family moved in and you began to live the American Dream of Home Ownership or so you thought. Not too long after that the dream became a nightmare; the economy began to tank, you had problems with your job and you bills started piling up. You started having a hard time keeping up with your mortgage payments. Even then, you kept on paying your mortgage.

The HAFA Guidelines for Maryland Homeowners who need a Short Sale in order to Avoid Foreclosure

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

In a nutshell, the Home Affordable Foreclosure Alternatives (HAFA) Program which kicks off on April 5th, 2010 is for those homeowners who have decided that “enough is enough” and have chosen to take control of their situation by getting their property sold by a Real Estate Agent by means of a Short Sale. Please read my previous blog post titled “Take a dose of the Short Sale pill from your local Realtor to relieve your Mortgage payment Headaches” to get an idea what a “Short Sale” is all about.

In that post, I stated that the “short” in a short sale transaction means that the property in question ends up selling for less than what the borrower actually owed their lender. Up till now, it did not mean that the transaction will be a quick or fast sale. In fact, the short sale process usually takes a lot of time to negotiate successfully and – can become frustrating to many homeowners as well as their Real Estate Agents.

Take a dose of the Short Sale pill from your local Realtor to relieve your Mortgage payment Headaches

Posted by Owen McGab Enaohwo on Feb 10, 2010 | View Comments

You have been hit so badly by the economic downturn. Your finances are not in a good shape. You’re having a hard time paying the mortgage on the house, and you are sure that in time the lender will start foreclosure proceedings against you. You want avoid that, but don’t know how. A short sale can help you avoid foreclosure. Do you have an idea what a short sale is? Do you know of any one who went through the short sale process?

I will define the term short sale, so you can make an informed decision on whether to go through with a short sale or not, but before that, let me take a step back and discuss your current situation. This is the common process everyone else went through before they decided that a short sale was in their best interest.

 Take a dose of the Short Sale pill from your local Realtor to relieve your Mortgage payment Headaches [4:23m]: Play Now | Play in Popup | Download

Now is the time to set up your passive income strategy through Real Estate Investment.

Posted by Owen McGab Enaohwo on Feb 8, 2010 | View Comments

News reports say that the real estate industry is at its lowest point now. The news is bad and seems to look bad for the next year and a half. This is how the news sums up the real estate industry:

1. Property values have gone down.
2. Housing inventory has gone up and there seems to be no takers.
3. Banks and other financial institutions have limited their exposure to property investment initiatives.

The three points paint a very grim picture which is discouraging and very depressing. But there are two sides to the news. Many people see the bad side which is obvious to all, and get overwhelmed by fear and then go into depression. The smarter few strive to find a silver lining in the bad news, and step up to the challenge to rise above the discouraging situation.

 Now is the time to set up your passive income strategy through Real Estate Investment [4:52m]: Play Now | Play in Popup | Download

Single Family Home For Sale Bowie Maryland Short Sale 3416 Inverwood Ln Houses

Posted by Owen McGab Enaohwo on Jan 15, 2010 | View Comments

This is an announcement for a Single Family Residence I have listed For Sale in Bowie MD 20721 – Short Sale:

SHORT SALE deal. Submit AS IS offers for this Well maintained Single Family Home (Colonial) with 3Br/3Ba. Its a beautiful home with ceramic tiles in the kitchen & foyer. Totally updated from top to bottom, finished basement, Wood floors, storage shed, large backyard and more.