“A foreclosure is more than just a spot on your credit,” says William Bill Price, Real Estate Teams, LLC of Real Estate Teams, LLC. “It is one of the most damaging things that can occur to your credit record.” If you and your family—like many homeowners in today’s market—are facing a foreclosure, knowing your options can buy you time and hopefully help save your home, or at least your credit history. 

The first thing you should do when facing a foreclosure is talk with your lender. If you have recently had a large decrease in income, you may be able to arrange a repayment plan, suspension of your payment, or a temporary reduction of payment. “You can also talk over your debt refinancing options,” says Price. 

Additionally, look into talking to your mortgage insurance provider, if applicable. Sometimes insurers are willing to help homeowners by paying the mortgage with a temporary loan to be repaid later, notes Price. 

If refinancing or figuring out an alternate repayment plan is not possible, you may be able to make moves that will have less of a negative impact on your credit history than a forced foreclosure. According to Price, a short sale, which occurs when the lender agrees to write off a portion of the loan that is higher than the value of the home, or a deed in lieu of foreclosure—where you voluntarily “give back” your property to the lender—is better for your credit, so look into those options. Consult a real estate Attorney.

“A foreclosure can be devastating for everyone involved,” says Price. “Knowing your options can help you find an alternative route, if one is available.” 

Please contact me with any of your Frederick Maryland real estate or mortgage questions toll Free, 24/7, at 1-800-395-9636 x7 or E-mail me at bill@homes2price.com. My Office number at Real Estate Teams, LLC is 301-695-3020 x2793

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I am a long time Maryland resident having graduated from Annapolis High School, Johns Hopkins University (BSE) and the University of Maryland. I graduated from University of Maryland with a Masters degree in Engineering. I earned my REALTOR license in 2002 and the Graduate REALTOR Institute designation, GRI.

My focus is to assist my clients achieve their objective in their real estate transaction while saving them time and money. I believe that ™. My goal is to help people save time and money by assisting them to buy and sell homes in the Maryland Counties of Frederick, Carroll, Howard, Montgomery and Washington. 

Some cities I specialize in are Frederick, New Market, Mt Airy, Middletown, Walkersville, Brunswick, Thurmont, Myersville, Ijamsville, Urbana, and Woodsboro.