Hollaway Estates, Upper Marlboro, MD

Real Estate Owned (REO)

Real estate owned is frequently used by its acronym REO. A term used for property acquired through lender foreclosure.

Please contact me for a list of REO or foreclosure properties in Upper Marlboro, MD. angelo@rhodesknows.com

Angelo D. Rhodes, ePro Realtor
Colonial Homes Real Estate
6710 Oxon Hill Rd. Suite 100
National Harbor, MD 20745
Office:  301-749-4077

Forbearance can be granted if you are behind in mortgage payments

Several options are available to avoid foreclosure.  The main idea behind it all is to communicate with your lender as soon as the first payment is missed.   Forbearance is when your mortgage payments are reduced or suspended for a period of time that you and your lender agree to.

Before you ask, be prepared to show that you are making a good-faith effort to pay your mortgage.

Call or email me if you or someone you know needs more information. 240-535-1855 or  angelo.rhodes@remax.net

What is a Short Sale?

A short sale is when a bank or mortgage lender agrees to discount your loan balance due to an economic or financial hardship.  So lets say you are two months behind on your mortgage and you decide to sale your house. 

You sale the house at current market value of $350,000, but you owe $390,000 on the mortgage because you took out a home equity loan or did a refinance.  The bank agrees to take the $350K and a loss of $40K.

This negotiation is all done through communication with a bank's Loss mitigation department.  In such instances, the lender would have the right to approve or disapprove of a proposed short sale.

Extenuating circumstances influence whether or not banks will discount a loan balance. These circumstances are usually related to the current real estate market climate and the individual borrower's financial situation.

If you are considering a short sale I can help!  Contact me by email at angelo.rhodes@remax.net or call me at 240-535-1855.

Short Sales Not As Bad As Foreclosure

A short sale does adversely affect a person's credit report, though the negative impact is typically less than a foreclosure. Short sales are a type of settlement. Like all entries except for bankruptcy, short sales remain on a credit report for seven years. Depending upon other credit information it is typically possible to obtain another mortgage 1-3 years after a short sale.

While it is frequent if not common for a lender to forgive the balance of the loan in question, it is unlikely that a lien holder that is not a mortgagee will forgive any of their balance. Further, it is common for a lender to omit updating mortgage balances to reflect a zero balance after a short sale. However, willfully misrepresenting information on a credit report constitutes libel in many states, and lenders may be sued in civil court for engaging in this behavior.