Within the Bowie market there have been a significant number of foreclosures. The current inventory of home for Prince George’s homes is still well over the 12-18 month range. Some Bowie homes are getting multiple offers on them simultaneously. Many of those Bowie homes are on significant discount and have been on the market extended periods of time. We are seeing signs of improvement with may purchasers looking to take advantage of the $8000 stimulus package. Yet we are not seeing things move quickly with the banks that are still processing short sales in 90 days or more.
The Bowie foreclosure market presents many deals for purchasers. I would hope that more people in their homes could keep them which would help stabilizes some of the home values. Here are a few options you can use to help avoid foreclosure in Bowie.
CONTACT YOUR LENDER OR SERVICER
Many people that are late on their property just do not respond. It is much easier on you as an individual if you talk to your lender. Not all lenders or servicers are accommodating but you truly never know until you ask. It is in your best interest to open and respond to all correspondence from your lender or servicer.
CALL A NONPROFIT COUNCELOR
Because of the current economy in Bowie the state has a hotline that has counselors for free. These counselors are focused on help Bowie residents along with all counties in the state. The Department of Housing and Community Development (DHCD) are working with HOPE housing counselors at 1-888-995-HOPE. They HOPE team has many options along with other options.
The Housing Initiative Partnership, Inc. has bilingual capacity and seeks to help people in the Bowie and Prince Georges County area specifically. The company can be contacted at 301-699-3835. There are many organizations available to aid in counseling through this process. This two are just good examples of the many options available to Bowie residents.
TRY TO REFINANCE OR LOAN MODIFICATION
Within the Bowie Maryland area DHCD has several loan products available to residents. The counselors help to
determine eligibility for the programs. Some of the available programs include:
• LifeLine Refinance Program
• Homesaver Refinance Program
• Bridge-to-Hope emergency loan program
Bowie residents have a number of loan refinance options available to them. The fact remains, Bowie residents must call in order to initiate any of these programs. You can reach out to www.mdhope.org to get more details.
Avoid Foreclosure “Rescue” Scams
Having a pending Foreclosure, Bowie residents are susceptible to loan scams. Many people will offer to help with a focus of ripping you off. Be sure to check with the Better Business Bureau and DLLR to see if there are any issues with the account. Your best option is to have a lawyer review all documentation before your move forward.
The key point to know as Bowie resident is you must take action. If you stay in touch with the servicer, reach out to the counselor, get a lawyer, and avoid the scams you will be in a better position to save your home.