While the % of homeowners in Foreclosure status dropped from October to November, it is still way compare to this time last year. 8% of homeowners are in Foreclosure status right now, and that does not include the number who may only be one or two months behind. In the Germantown home market, many homeowners have opted to attempt to modify their loans through the Hope Now program. If this is an option you are looking at, please remember that your final payment will be 31% of your GROSS income -- not your net income. If this figure is feasible within your budget, and your job is stable, then this is your best option.

However, 70% of all loan modifications are ending in foreclosure -- 70%!! This is because homeowners in Germantown and surrounding areas are not getting the straight scoop from their lender. The Making Home Affordable program is an excellent option, but only fits a small amount of people. The other option, a Short Sale, is always worth a discussion to understand the effects of both choices.

Please call us if you have any questions, we're happy to help!

With one look at the local report for housing, we are seeing increases of short sales and foreclosures for single family homes in Germantown, Gaithersburg, Rockville, and even Potomac. These homes are actually in nice shape, but a divorce or job loss can wipe out anyone's ability to keep up with their mortgage and they seem to be coming in the higher price brackets.

This means that buyer's will have even more attractive properties to view; and anyone who has not owned a home in the past three years may still be eligible for the $8,000 tax credit if they can settle by 11/30/09.

This also means that seller's in these distressed situations need to act fast and get out in front of it with your mortgage company. If you are in MD, DC, or VA, the Dart Team can help. If you are elsewhere in the country, we can actually refer you to a licensed "distressed property" professional in your area.

The main problem we are seeing is that seller's delay and make it harder to fix the situation. If you have missed any payments on your home mortgage, or see that it may be coming, please click here to contact a professional today!!!