About Wicomico County, MD

Since I get so many inquiries from consumers asking generally the same questions as it relates to foreclosures and short sales I have decided to do a blog series where I will post two questions every few days. See below the first two questions to start the series:

Commonly asked Foreclosure Questions

What takes place if I miss my mortgage payments or I am behind on my mortgage payments?
Foreclosure can occur, but it does not have to and can certainly be avoided. You can take action to stop foreclosure, even if foreclosure has been filled against you. You now have more options than ever to prevent your home from going to foreclosure. The consequences of foreclosure can have lasting effects on your credit, and you may still owe the bank and the IRS money afterwards. Foreclosure does not wipe the slate clean. In the State of Maryland once you have missed three mortgage payments the bank can file foreclosure on you. This does not mean if they have filed that you do not still have time for other options, but you need to react quick and do not wait. The longer you wait the worse it can be.

What should I do if I am in danger of or miss my mortgage payments?

By reaching out for help from a professional early, when you start missing payments, there is a greater chance of success in avoiding foreclosure. As soon as you anticipate an issue with paying your mortgage payment, contact a qualified professional to help you assess your situation. Many banks are willing to work with you if you reach out to them immediately, because they understand that individuals and families can face temporary job loss, serious illness, or other major life events that can impact their ability to pay their mortgage. However, it is in your best interest to have somebody represent you that does not work for the bank. If you are interested in a loan modification you need to reach out to a HUD approved counselor in your area so they can help decide if you will qualify for a loan mod. If a Short Sale is the option you seek, you need a qualified Realtor, who has experience with handling short sales. It takes a realtor with a significant amount of experience to handle these complex transactions, make sure you have one that has that experience, and has not just done one or two short sales.

If you are facing foreclosure a short sale may be your best option check out my website at www.moorebrittingham.com or my blog at www.easternshorehomesolutions.blogspot.com for more details, or contact me direct anytime.

Acceptable Types of Hardship in the eyes of a bank when it comes to a short sale:

Seeing as one of biggest determining factors when applying for a short sale is a viable hardship, I have taken the time to go over what is commonly accepted by every bank when it comes to hardship. Regardless of hardship remember whatever your hardship is, you have to be able to prove it to the bank.

See below here are the basic qualifications for a short sale, I hear the question all the time " how exactly do I qualify for a short sale" Although there are a few exceptions this covers the broad base of what all the banks agree on. There are some "grey" areas but this is a basic over view.

1. Need to sell : Meaning that this not just a want to sell, because of certain circumstances the homeowner needs to sell(usually caused by some type of financial hardship)In this situation no other work out options will alleviate the hardship, causing the homeowner to have to sell the property. The homeowner may have lost equity and wants to sell, that does not mean they qualify for a short sale.

2. Hardship Here is something that a lot of people over look or have confusion on. As mentioned before different banks have different views as to how much they scrutinize a consumer's particular hardship, but overall here is how they view it: a. The homeowner had a material financial change that has taken place since they took out the loan b. This change in turn prevents them having the ability to pay the mortgage. The bank is going to ask for all the homeowners financials to determine if they have a financial hardship, and if they do not see a legitimate hardship the may deny the request or ask for a promissory note/cash contribution.

3. They have a hardship and don’t have the assets to pay off the mortgage. If a homeowner has significant assets from other sources this can also affect the short sale request. The bank may move forward with the short sale but may request the homeowner relinquish some of their assets to cover the short fall, if a homeowner has asset's to cover the short fall or mortgage balance, this could affect the outcome of the short sale approval. The bank is going to look at all the seller's financials, and if they have significant asset's this could affect the short sale.

4. The Seller must have or will soon have a financial short fall. This one pretty simple, more expenses going out than income going in, and again the bank will look at bank statements and pay stubs to verify the information.If the seller has a surplus of income on a monthly basis in some cases the short sale may be denied. In other cases they may ask for a cash contribution or promissory note because they fell the seller has expendable income.

for more information on short sales check out my website at www.moorebrittingham.com or my blog at www.easternshorehomesolutions.blogspot.com
In the next post we will go over what banks consider exceptable hardships

Salisbury, MD is located inWicomico County, on Maryland’s Eastern Shore, borders the Chesapeake Bay on the west, Ocean City to the east and Delaware on the north. Wicomico County is the commercial and industrial center of the Lower Eastern Shore. Salisbury attracts shoppers and business from Delaware, Virginia, and nearby Maryland counties and is the region’s transportation and industry center. Educational needs are served by Salisbury University, Wor-Wic Community College, and the University of Maryland-Eastern Shore. Ocean City, MD is only a 30-minute drive to the beach for some fun in the sun. For all your real estate needs, in Salisbury, Wicomico County, MD, contact John Wingate at 302-339-5185.

Salisbury Maryland Real Estate offers a variety of services in the Maryland resort areas, everything from Home Sales from the ocean to the bays, Condo’s, and land.

Fruitland, Wicomico County, MD Schools

Fruitland Intermediate School

3rd Grade to 5th Grade :: Wicomico County Board of Education

Fruitland Primary School

Pre-Kindergarten to 2nd Grade :: Wicomico County Board of Education

Stepping Stones Learning Academy

Pre-Kindergarten to 4th Grade :: Nonsectarian Private School

Hebron, Wicomico County, MD Schools

Westside Intermediate School

2nd Grade to 5th Grade :: Wicomico County Board of Education

Mardela Springs, Wicomico County, MD Schools

Maple Shade School

2nd Grade to 10th Grade :: Nonsectarian Private School

Mardela Middle & High School

6th Grade to 12th Grade :: Wicomico County Board of Education

Northwestern Elementary School

Pre-Kindergarten to 5th Grade :: Wicomico County Board of

Parsonburg, Wicomico County, MD Schools

Salisbury Mennonite School

Kindergarten to 8th Grade :: Mennonite Private School

Pittsville, Wicomico County, MD Schools

Pittsville Elementary & Middle School

Pre-Kindergarten to 8th Grade :: Wicomico County Board of Education

Quantico, Wicomico County, MD Schools

Westside Primary School

Pre-Kindergarten to 1st Grade :: Wicomico County Board of Education

Salisbury, Wicomico County, MD Schools in Zip Code 21801

Asbury Child Development Center

Pre-Kindergarten to Kindergarten :: Nonsectarian Private School

Charles H. Chipman Elementary School

Pre-Kindergarten to 2nd Grade :: Wicomico County Board of Education

Faith Baptist School

Pre-Kindergarten to 12th Grade :: Baptist Private School

Faith Deliverance Academy

2nd Grade to 12th Grade :: Pentecostal Private School

North Salisbury Elementary School

3rd Grade to 5th Grade :: Wicomico County Board of Education

Pemberton Elementary School

Pre-Kindergarten to 5th Grade :: Wicomico County Board of Education

Pinehurst Elementary School

Pre-Kindergarten to 5th Grade :: Wicomico County Board of Education

Salisbury Christian School

Pre-Kindergarten to 5th Grade :: Non-Denominational Christian Private School

Salisbury Middle School

6th Grade to 8th Grade :::: Wicomico County Board of Education

St. Francis De Sales School

Kindergarten to 8th Grade :: Roman Catholic Private School

West Salisbury Elementary School

Pre-Kindergarten to 2nd Grade :: Wicomico County Board of Education

Wicomico County Alternative School

7th Grade to 12th Grade :: Wicomico County Board of Education

Salisbury, Wicomico County, MD Schools in Zip Code 21802

Parkway Christian Academy

1st Grade to 12th Grade :: Church of God Private School

Salisbury School, Inc.

Pre-Kindergarten to 12th Grade :: Nonsectarian Private School

Wicomico County Evening High School

9th Grade to 12th Grade :: Wicomico County Board of Education

Wicomico County Home & Hospital School

Kindergarten to 12th Grade :: Wicomico County Board of Education

Salisbury, Wicomico County, MD Schools in Zip Code 21804

Beaver Run School

Pre-Kindergarten to 2nd Grade :: Wicomico County Board of Education

Bennett Middle School

6th Grade to 8th Grade :: Wicomico County Board of Education

East Salisbury Elementary School

3rd Grade to 5th Grade :: Wicomico County Board of Education

Glen Avenue School

3rd Grade to 5th Grade :: Wicomico County Board of Education

James M. Bennett High School

9th Grade to 12th Grade :: Wicomico County Board of Education

Park Seventh Day Adventist School

Kindergarten to 8th Grade :: Seventh-Day Adventist Private School

Parkside High School

9th Grade to 12th Grade :: Wicomico County Board of Education

Prince Street School

Pre-Kindergarten to 5th Grade :: Wicomico County Board of Education

Salisbury Baptist Academy

Kindergarten to 12th Grade :: Baptist Private School

Salisbury Christian School

6th Grade to 12th Grade :: Non-Denominational Christian Private School

Tenderheart Child Care School

Pre-Kindergarten to Kindergarten :: Nonsectarian Private School

Wicomico Day School

Pre-Kindergarten to 5th Grade :: Nonsectarian Private School

Wicomico High School

9th Grade to 12th Grade :: Wicomico County Board of Education

Wicomico Middle School

6th Grade to 8th Grade :: Wicomico County Board of Education

Willards, Wicomico County, MD Schools

Willards Elementary School

Pre-Kindergarten to 3rd Grade :: Wicomico County Board of Education