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Frederick Maryland and surrounding cities are currently in a buyer's market. There is enough inventory for teh next 11 months at current pace.
This is a great time to be a buyer. . .let us help you with information about foreclosures and short for Frederick. Another way to save thousands of dollars buying a home.





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Can the Bailout Help
Thousands of homeowners facing foreclosure in
Is it possible to save my home?
Most experts say the economy will not recover until the tide of foreclosures has stopped and the million-plus foreclosed homes in the
No one wants to see a band-aid plan put into place, but some experts are now announcing their concerns about the 700 Billion Bailout Plan.
Economists want something solid to last.
Bottom line: How is that going to affect the
My suggestion is to be honest to yourself and be realistic. I have consulted with over 100 families this year alone. . in
Take the bull by the horns
That is my advice. If you want to save your home, call your banks and ask them for help! A loan modification that results in higher payments and a principal that will be in the negative 5 years from now . . is not an answer!
The new government plan may qualify you to get a PRINCIPAL REDUCTION to 90% of the actual value of your home and a fixed FHA rate
Caveat here is that . . . if you lost your job, your salary is considerably less that before or you originally got your loan as as a stated income loan.
You most probably will not qualify for this.
I suggest for you to consult with an FHA approved loan officer that is already working with homeowners on this.
Give me a call @ 240-426-5754 and I will be glad to suggest a few of them.
The Real Estate industry is being called to do their part to help us out of this mess.
Another option that you may have to consider is a short sale.
Read our e-Book HERE
“Is A Short Sale An Option For Me?”
The credit crisis began about one year ago when Democratic lawmakers and the Bush Administration began talking about providing help to borrowers who feel behind on their mortgage payments. Really thinking about it, it hasn’t lived to the expectations of struggling homeowners. While the big FAT CATS are having parties in expensive hotels and getting BILLIONS from the taxpayers, I see almost in a daily basis a family in need of help.
Fernando Herboso with Herboso&Associates is affiliated with Choice Real Estate in

Short Sales
Fernando Herboso & Associates are CDPE certfied:
" CERTIFIED DISTRESSED PROPERTY EXPERT"
MORE INFORMATION ABOUT SHORT SALES
eBOOK : Is a Short Sale An Option For Me? Quick guide to find out if you qualify for a short sale in
Another blog about SHORT SALES IN MARYLAND
Another blog about SHORT SALES IN VIRGINIA
Another blog about SHORT SALES , how long should I wait to buy?
Another blog about SHORT SALES, FORECLOSURES in Frederick Maryland
Another blog about SHORT SALES IN
Another blog about SHORT SALES and FORECLOSURES in Gaithersburg MD
Another blog about SHORT SALES and FORECLOSURES in ROCKVILLE MD



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Housing Bill, Government Bailout, Loan Modifications, Mortgage Payments Late? Considering a Short Sale

Read on. . .
Please understand the Housing Bill that recently passed to help current homeowners in refinancing their home to save them from foreclosure.. . Has many flaws but it will be some help for a few homeowners that may qualify.
In a nutshell it means that you could qualify for an FHA refi for 90% of the CURRENT value of your home. The caveat here is that your bank has to agree to do the refinancing. The bank will weight the consequences in accepting such a major default from your original loan.
Take the following test if you qualify. . .
TEST #1 the bank will ask themselves. .Could we get more money if we just foreclose?
Remember that NO BANK has agreed to participate in this program. . This is on a case by case basis.
At this point, I'm not sure how the 700 Billion Bailout will play on this.
TEST #2 Your loan must have originated between the daters of January 2005 and June 2007
TEST #3 You should be spending more than 31% of your gross monthly income on mortgage debt to be eligible
Test #4 You can be up to date on your existing mortgage or in default, but either way you must prove that you can't keep paying your existing mortgage
Test #5 You can't have any other debt in your home. .like a Home Equity Loan, and in addition you will be NOT BE ABLE to take an equity loan for at least 5 years. There are certain exemptions like you may be allowed to borrow money to repair your house.
Test #6 This program will begin on October 1, 2008 and sunset on September 30, 2011.
If you pass this test then. . .
You will need to apply with any FHA-approved lender to start the process.
Please remember that this is a voluntary program and no lender is obligated to give you this break. The key thing here is that "The bank has to be convinced that they could LOSE more money if a foreclosure is eminent.
Each loan will have to pass underwriting from an FHA lender and you will still have to qualify based on your income and maximum FHA loan limits. (This changes depending where your home is located in) Check with your lender if you have a high end home.
Costs Associated with these loans.
Loan origination fees will vary which lender you use. They're should be little up-front charges here but. .
Two major things to take in consideration
#1 you will be paying insurance premium guaranteeing the loan.
#2 you will be sharing the profits from the sale of your home if you decide to sell. .
Before one year: You will have to give them 100% of the profit
After year one, you will pay 90% of the profits
After year two, you will pay 80% of the profits
After year three, you will pay 70% of the profits
After year four, you will pay 60% of the profits
After year five, you will pay 50% of the profits. . And it will stay there until you sell it.
These are the major points about this housing bill.
The required Disclaimer is warranted to end this article. . So here it is.
Disclaimer: Best efforts have been used to prepare the material presented. The author Fernando Herboso , Herboso & Associates and Choice Real Estate do not warrant that this information is 100% accurate. Information presented in this article was taken from various websites including HUD.GOV. Please consult with a FHA approved lender and a certified accountant to learn of the full ramifications of this program to your finances. The author and Choice Real Estate may not be held liable, in any circumstance, for damages or loss, including but not limited to this article and its contents.
Short Sales
Short Selling Your Home
Fernando Herboso & Associates are CDPE certfied:
" CERTIFIED DISTRESSED PROPERTY EXPERT"
MORE INFORMATION ABOUT SHORT SALES
eBOOK : Is a Short Sale An Option For Me? Quick guide to find out if you qualify for a short sale in
Another blog about SHORT SALES IN MARYLAND
Another blog about SHORT SALES IN VIRGINIA
Another blog about SHORT SALES , how long should I wait to buy?
Another blog about SHORT SALES, FORECLOSURES in Frederick Maryland
Another blog about SHORT SALES IN
Another blog about SHORT SALES and FORECLOSURES in Gaithersburg MD
Another blog about SHORT SALES and FORECLOSURES in ROCKVILLE MD



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Assuming that you have a HARDSHIP and you are 30 DAYS LATE ON YOUR MORTGAGE PAYMENTS
The only thing that can help you save your home is to win the LOTTERY or Borrow from your credit cards hoping that your situation changes. .
You may qualify for a loan modification. .
Depending on your credit and how much $$$$ are you bringing home?
This is the time to FIGHT to save your property. . . insist that your bank reduce your interest rates or change the terms of your loan from ARM to Fixed
If everything else fails. . you shoud consider a SHORT SALE
You can read our e-Book about SHORT SALES HERE
Our Website about Foreclosures and Short Sales

Short Sales For Maryland DC and Virginia
Another SHORT SALE CLOSING!
TWO Mortgages. .
The first one accepted a month ago and gave us the OK
The second one was happy. . they were getting $2500, they didn't even do a BPO
The buyer's lender did an appraisal. .
NO GOOD. . it appraised for a lot less
Oh Oh . .
Got the information to the first lender and ask them to drop the price. . we also enclosed a copy of the appraisal for good measure. .
They came to their senses and say OK
Went to closing but omitted a small detail
The second lien already accepted $2500 for a higher sales price. .
Since the sales price was much less . . we figured that they were going to be ok with it.. .they were getting the same amount.
SHORT SALE LESSON
No matter what. . if there is a small change, make sure you get ANOTHER authorization or . . your closing will get delayed.
We got another approval in TWO DAYS
TWO DAYS !!
Case CLOSE
Are you NEXT ?
If you live in Maryland DC or Virginia. I would be happy to consult with you about short sales . .read my eBOOK “:
Is a Short Sale an Option for me? “
Fernando’s direct line 240-426-5754






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