Sonatta Camara, Distressed Property Expert

My Blogs

Fri, 11 Nov 2011 16:13:50 GMT

Foreclosure fears foster true grief

Reports of foreclosures by the millions have been in the news so much over the past few years that to some, it might seem like the new normal.

But as a real estate professional who is in the trenches with financially stressed homeowners every day, it never for a second feels to me like business-as-usual.

The prospect of losing ones home is right up there among the major sources of grief, and often, it goes hand in hand with other tragic setbacks such as the loss of a job, a divorce, death of a loved one, mounting medical bills or skyrocketing mortgage payments.

Unfortunately, the first stage of grief is denial, and that’s even more the case when the threat of foreclosure is looming. No one wants to talk about or admit financial troubles—even when millions of others have founds themselves in a similar spot. It’s completely understandable, but for homeowners who are behind on mortgage payments, decisive action is often the most critical step toward ensuring the best possible solution.

As a real estate professional who has sought out the Certified Distressed Property Expert (CDPE) designation, I help homeowners to deal with every aspect of the grief and uncertainty that accompanies a mortgage which is no longer manageable. In the process, I help them to get on a path of financial solvency.

If you or someone you care about would like to change the course of a life that’s facing foreclosure, I get it and I can help.

Contact me today at (301-333-4444, info@sonattacamara.com)

http://www.sonattacamara.com

HOMEOWNERSHIP PRESERVATION... WHERE DO WE TURN??

Wed, 30 Mar 2011 12:18:25 GMT

HOMEOWNERSHIP PRESERVATION... WHERE DO WE TURN??

According to Freddie Mac, 6 in 10 families losing their homes don't know where to turn for guidance and advice. REALTORS^® need to know where to direct their clients for these types of services to both prepare them for homeownership and advise them on methods of keeping their homes once they acquire them.

In Prince George's County, the Housing Authority offers advice through its Homeownership Preservation Program. For more information on the services they provide, please contact:

www.princegeorgescountyha.org
Email: homeowner@co.pg.md.us
TELE: (301) 883-HOME (4663)
TTY: (301) 883-5428

HUD-certified housing counseling services in the area that may be helpful to families include:

Greater Washington Urban League
6200 Baltimore Avenue, Suite 304
Riverdale, MD 20737
www.gwul.org
(301) 985-9519

HomeFree-USA
3401 East-West Highway
Hyattsville, MD 20782
www.homefreeusa.org
(301) 891-8400

Housing Initiatives Partnership, Inc. (HIP)
6525 Belcrest Road, Suite 555
Hyattsville, MD 20782
www.hiphomes.org
(301) 699-3835

Housing Options and Planning Enterprises,
Inc. (HOPE)
6192 Oxon Hill Road, Suite 405
Oxon Hill, MD 20745
www.hopeinconline.com
(301) 567-3330

Kairos Development Corporation
5601 Old Branch Avenue
Camp Springs, MD 20748
www.kairosgroups.org
(301) 899-1180

National Community Reinvestment
Coalition (NCRC)
www.ncrc.org or www.fairlending.com
1 (800) 475-NCRC (6272)

National Consumer Law Center (NCLC)
www.consumerlaw.org
(202) 452-6252

Neighborhood Assistance Corporation of America (NACA)
www.naca.com/index_main.jsp
1 (888) 302-NACA (6222)

Roots of Mankind
4273 Branch Avenue, Suite 205
Oxon Hill, MD 20745
www.romkind.org
(301) 899-6800

Sowing Empowerment and Economic Development, Inc. (SEED)
6201 Riverdale Road, Suite 200
Riverdale, MD 20737
www.seedinc.org
(301) 458-9808

United Communities Against Poverty (UCAP)
1400 Doewood Lane
Capitol Heights, MD 20743
www.ucappgc.org
(301) 322-5700

Remember, financial counseling and education are essential keys to homeownership preservation.

Maryland DHCD Programs to Help During the Mortgage Crisis

On January 14, 2008 Governor Martin O'Malley announced new legislation, emergency regulations and initiatives to help thousands of Maryland homeowners at risk of losing their homes and to prevent future generations of homeowners losing their homes due to foreclosure following the sub-prime mortgage crisis facing our entire nation. These initiatives were created after the Homeownership Preservation Task Force developed by the Governor made recommendations on how to help Maryland homeowners, reform lending practices, lengthen the foreclosure process to make it fairer, and crack down on fraud and unscrupulous practices in the mortgage industry.

The Maryland Department of Housing and Community Development has new programs that will help some homeowners refinance into an affordable mortgage or catch up on missed payments while negotiating a better outcome than foreclosure. The initiative includes the following programs:

Lifeline Refinance Mortgage
Homesaver Refinance
Bridge to Hope

Lifeline Refinance Mortgage program provides a refinancing option to Marylanders who may be facing difficulties after financing their homes with adjustable rate or other unfavorable mortgages, or with mortgages that no longer fit their financial situation. Borrower must be current on the mortgage with a credit score of 600.

Homesaver Refinance Mortgage Program provides a refinancing option to Marylanders who have sub-prime or exotic mortgages and are experiencing difficulties as a result of mortgage default, low credit scores and/or a mortgage greater than the current value of their home. The Maryland Housing Fund (MHF), the State's mortgage insurance agency, is the exclusive mortgage insurer for this program. Mortgage(s) may not be more than two months past due at the time of application.

"Bridge to Hope" Loan Program provides small gap loans at zero percent interest to homeowners facing difficulty, giving them time to get back on their feet or find a solution. Borrowers must be referred by a CDA-approved housing counseling agency. Borrowers must either be in delinquency or imminent potential of delinquency with no other viable alternatives available.

The link to learn more about these programs is: www.mdhope.org

HOME FROM WORK

Home From Work is a housing opportunity program designed promoted by the National Association of REALTORS^® to help people who can't afford to live close to their jobs. The program encourages REALTORS^® to become advocates for expanding housing opportunities by teaching them how to promote workforce housing initiatives at the grassroots level. REALTORS^® will be trained to work with employees to establish an employer assisted housing (EAH) benefit.

According to the National Association of REALTORS, the goal of the Home From Work training program is to educate REALTORS^® on the benefits of employer assisted housing and how to reach out to employees. Home From Work is a three-hour training class for REALTORS^® and affiliate members. Continuing education credit is sometimes offered. Upon completion of the class, REALTORS^® will be ready to approach employers, advocate for EAH programs, and help employers put their programs in place.

For more information go to National Association of REALTORS^® (Housing Opportunity Program)

Sale and Land Softly Alternative (SALSA)

A Partnership with The Coalition for Homeownership Preservation in Prince George's County and
Prince George's County Association of REALTORS^® (PGCAR) to Help Prevent Foreclosures

The PGCAR Housing Affordability Committee in partnership with the Coalition of Homeownership Preservation of Prince George's County has adopted the "Sale and Land Softly Alternative (SALSA)" program. SALSA, structured after a successful program in Baltimore, partners qualified listing agents and brokers with home sellers facing foreclosure or those not able to afford their home and who simply want to: move on, sell their homes, and reap as much equity as possible from the transaction or limit their liability to the Investor.

The program involves PGCAR members who agree (along with their broker) to list these properties (referred by an HUD-Approved Counselors) for an agreed upon commission rate. (A rate already established by the Coalition). Home sellers are then referred to these agents to list the property at the established rate.

The sales agents who agree to participate in this program do so recognizing that it may take a great deal of time with very little, if any, profit. These agents are those with a truly benevolent nature.

For further information about SALSA please contact Committee Chair, Donna Hurley - 240-737-5000.

Maryland HOPE

In August the state of Maryland announced the Home Owners Preserving Equity program (HOPE) under the Maryland Department of Housing and Community Development. HOPE was created to help homeowners avoid foreclosure, refinance, and switch their adjustable rate mortgages (ARM's) for more affordable fixed payment loans. HOPE offers loan counseling for borrowers and provides mortgage servicer incentives to restructure problem loans.

The State has committed $2.5 million to the program and Prince George's County has agreed to $1.5 million.

Homeowners who are having difficulties paying their mortgage are encouraged to seek help with refinancing and credit counseling through HOPE. Call the Maryland HOPE hotline at 1-877-462-7555 or visit www.MDHOPE.org.

What is www.MDHomePrograms.com?

The Maryland Association of REALTORS^® has developed www.MDHomePrograms.com to help consumers and REALTORS^® find ways to make housing more affordable. Visitwww.MDHomePrograms.com to obtain a comprehensive index of relevant and innovative housing finance programs. To study tax incentives, down payment and closing cost assistance programs for home buyers that include HUD/FHA, Fannie Mae, Freddie Mac, Maryland Housing and Community Development (DHCD), local government and special initiatives from private lenders. Consumers can learn about selling and buying a home, financial literacy, predatory lending, foreclosure prevention and more. Add www.MDHomePrograms.com to your list of valuable contacts.

Sonatta Camara, CDPE®,CRS®,GRI®,MBA
Broker
Camara & Co. - The Real Estate Group
9500 Arena Drive, Suite 480, Largo, MD 20774
301-333-4444 Office
301-333-2013 Fax
http://www.SonattaCamara.com

Free Mammogram Screenings at UCAP hosted by Breast Health Inc.

Thu, 24 Mar 2011 15:14:59 GMT

Free Mammogram Screenings at UCAP

Hosted by Breast Health Inc.

Breast Health, Inc., a registered 501(c)3 public charity, assists low-income, uninsured women & men who have been negatively impacted by breast cancer by providing resources and programs that support prevention awareness.

Breast Health Inc. is sponsoring a free mammogram screening event at UCAP (United Communities Against Poverty), in partnership with the Mission of Love on Friday, April 8th from 9:30 - 3:30pm on the GW Mobile Mammovan. The event will serve eligible low-income, uninsured women at Shepard's Cove and the surrounding area.

Currently, Breast Health Inc. has scheduled two additional free mammogram screening events for June and August in Prince Georges County. The locations are to be announced at a later date. We will keep you posted on other activities by Breast Health, Inc. that serves the residents of Prince Georges County.

If you have any questions, please contact Breast Health Inc. at 301-832-6242.

Sonatta Camara, CDPE®,CRS®,GRI®,MBA
Broker
Camara & Co. - The Real Estate Group
9500 Arena Drive, Suite 480, Largo, MD 20774
301-333-4444 Office
301-333-2013 Fax
http://www.SonattaCamara.com

How To Repair Your Credit and Raise your Scores

Tue, 15 Mar 2011 14:27:08 GMT

How To Repair Your Credit and Raise your Scores

SUMMARY

Don’t let anyone fool you into thinking you need to hire a professional to repair your credit. The truth is, there is nothing a credit repair company can do to improve your credit that you can’t do for yourself. So, save yourself some money and the hassle of finding a reputable company and repair your credit yourself.

1. Get the latest copies of your credit reports:

Before you can start repairing your credit, you have to know what you need to repair. Your credit report will contain all the information you need to start repairing your credit. You’re entitled to free credit reports from each of the three credit bureaus each year. You can also order your credit reports directly from the credit bureaus for a fee.

Why should you order all three credit reports? Some of your creditors and lenders might report only to one of the credit bureaus. And, since credit bureaus don’t typically share information, it’s possible to have different information on each of your reports. Ordering all three reports will give you a complete view of your credit history.

Make an extra copy of each report in case you need to dispute information.

2. Review your reports:

Read through your reports once you get them. Become familiar with the information contained in each. Using different color highlighters or pens, highlight what you need to repair:

· Incorrect information, including accounts that aren’t yours, payments that have been incorrectly reported late, etc.

· Past due accounts that are late, charged off, or have been sent to collections.

· Maxed out accounts that are over the credit limit.

3. Dispute inaccurate information:

You have the right to dispute any information in your credit report that isn’t correct. When you ordered your credit reports, they should have come with instructions for disputing credit report information. If not, you can send a letter to the credit bureau detailing the inaccurate information. It’s often helpful to send a copy of the report with incorrect information highlighted.

4. Tackle past due accounts:

Since payment history makes up such a large part of your credit score, several past due accounts have a significantly negative effect on your score. Taking care of these is crucial to improving your credit score. Your goal is to have all your past due accounts being reported as “current” or “paid.

· Get current on accounts that are past due, but not yet charged-off. Do what you can to keep accounts from getting charged off.

· Pay off charge-offs.

· Work with debt collectors to take care of your collection accounts

5. Bring maxed out accounts below the limit:

Your credit utilization – your total debt compared to total credit – makes up 30% of your credit score. Having maxed out credit cards costs credit score points (not to mention costly over-the-limit fees). Bring maxed out credit cards below the credit limit by at least 30%, then continue working to pay the balances off completely.

Credit Limit Example: Credit Card Limit = $1,000 Balance should be no more than 30% or $300 dollars.

6. Get new credit:

After you’ve resolved the negative items on your credit report, work on getting positive information added. If you have some credit cards and loans being reported on time, good. Continue to keep those balances at least 30% of your limit and make your payments on time.

On the other hand, you might have to re-establish your credit by opening up new accounts. Since past delinquencies can keep you from getting approved for a major credit card, only make three applications. This will keep your credit inquiries low. If you get denied, try applying for a department store credit card. If still no luck, consider getting a secured credit card from one of the sites below.

http://www.creditinfocenter.com/cards/secure-credit-cards.shtml

http://www.orchardbank.com/

7. Tips:

· Salvage what you can. Don’t sacrifice accounts that are in good standing for accounts that are not. Continue making timely payments on all your current accounts.

· No one can remove negative information if it is accurate, even for a fee. Only incorrect information can be erased from your credit report. Accurate negative information remains a part of your record for at least 7 years from the time it is reported (10 years for bankruptcy). Don't believe any company that promises to remove negative information; there is no legal way to do so.

· You can't create a second credit file. Don't believe anyone who offers to help you get credit by creating a second credit file using a tax-id number or a second social security number. This is sometimes called "file segregation." It's illegal, and you could be subject to serious penalties.

· Get help rebuilding your credit record from legitimate organizations. Consumer Credit Counseling Service, a nonprofit organization, provides low or no cost services to consumers who need a plan to repay debts and improve their credit. To find the nearest CCCS office, call toll-free, 1-800-388-2227.

DETAILED

Your Rights Regarding Credit Repair:

No one can legally remove accurate and timely negative information from a credit report. The law allows you to ask for an investigation of information in your file that you dispute as inaccurate or incomplete. There is no charge for this. Some people hire a company to investigate on their behalf, but anything a credit repair clinic can do legally, you can do for yourself at little or no cost. According to the Fair Credit Reporting Act (FCRA):

You’re entitled to a free report if a company takes “adverse action” against you, like denying your application for credit, insurance, or employment. You have to ask for your report within 60 days of receiving notice of the action. The notice will give you the name, address, and phone number of the consumer reporting company. You’re also entitled to one free report a year if you’re unemployed and plan to look for a job within 60 days; if you’re on welfare; or if your report is inaccurate because of fraud, including identity theft.
Each of the nationwide consumer reporting companies — Equifax, Experian, and TransUnion — is required to provide you with a free copy of your credit report once every 12 months, if you ask for it. The three companies have a central website, a toll-free telephone number, and a mailing address for consumers to order the free annual credit reports the government entitles them to. To order, click on www.annualcreditreport.com , call 1-877-322-8228, or complete the Annual Credit Report Request Form attached to this email and mail it to:

Annual Credit Report Request Service
P.O. Box 105281
Atlanta, GA 30348-5281

You can use the form in this email, or you can print it from ftc.gov/credit. You may order reports from each of the three consumer reporting companies at the same time, or you can stagger your requests, ordering one from each company throughout the year from the central address. Don’t contact the three nationwide consumer reporting companies individually or at another address because you may end up paying for a report that you’re entitled to get for free. In fact, each consumer reporting company may charge you up to $10.50 to purchase an additional copy of your report within a 12-month period.

It doesn’t cost anything to dispute mistakes or outdated items on your credit report. Under the FCRA, both the consumer reporting company and the information provider (that is, the person, company, or organization that provides information about you to a consumer reporting company) are responsible for correcting inaccurate or incomplete information in your report. To take advantage of all your rights under the FCRA, contact the consumer reporting company and the information provider.

Helping Yourself:

Tell the consumer reporting company, in writing, what information you think is inaccurate. Include copies (NOT originals) of any documents that support your position. In addition to providing your complete name and address, your letter should identify each item in your report you dispute; state the facts and the reasons you dispute the information, and ask that it be removed or corrected. You may want to enclose a copy of your report, and circle the items in question. Send your letter by certified mail, “return receipt requested,” so you can document that the consumer reporting company received it. Keep copies of your dispute letter and enclosures.
Your letter may look something like the one below.

Consumer reporting companies must investigate the items you question within 30 days — unless they consider your dispute frivolous. They also must forward all the relevant data you provide about the inaccuracy to the organization that provided the information. After the information provider receives notice of a dispute from the consumer reporting company, it is required to investigate, review the relevant information, and report the results back to the consumer reporting company. If this investigation reveals that the disputed information is inaccurate, the information provider has to notify the nationwide consumer reporting companies so they can correct it in your file.

When the investigation is complete, the consumer reporting company must give you the results in writing, too, and a free copy of your report if the dispute results in a change. If an item is changed or deleted, the consumer reporting company is not permitted to put the disputed information back in your file unless the information provider verifies that it is accurate and complete. The consumer reporting company also must send you written notice that includes the name, address, and phone number of the information provider. If you ask, the consumer reporting company must send notices of any correction to anyone who received your report in the past six months. You also can ask that a corrected copy of your report be sent to anyone who received a copy during the past two years for employment purposes.

If an investigation doesn’t resolve your dispute with the consumer reporting company, you can ask that a statement of the dispute be included in your file and in future reports. You also can ask the consumer reporting company to provide your statement to anyone who received a copy of your report in the recent past. You can expect to pay for this service.

Tell the creditor or other information provider, in writing, that you dispute an item. Be sure to include copies (NOT originals) of documents that support your position. Many providers specify an address for disputes. If the provider reports the item to a consumer reporting company, it must include a notice of your dispute. And if you are correct — that is, if the information is found to be inaccurate — the information provider may not report it again.

Reporting Accurate Negative Information

When negative information in your report is accurate, only the passage of time can assure its removal. A consumer reporting company can report most accurate negative information for seven years and bankruptcy information for 10 years. Information about an unpaid judgment against you can be reported for seven years or until the statute of limitations runs out, whichever is longer. To calculate the seven-year reporting period, start from the date the event took place. There is no time limit on reporting information about criminal convictions; information reported in response to your application for a job that pays more than $75,000 a year; and information reported because you’ve applied for more than $150,000 worth of credit or life insurance.

The Credit Repair Organizations Act

Credit repair organizations must give you a copy of the “Consumer Credit File Rights under State and Federal Law” before you sign a contract. They also must give you a written contract that spells out your rights and obligations. Read these documents before you sign anything. And before signing, know that a credit repair company cannot:

make false claims about their services
charge you until they have completed the promised services
Perform any services until they have your signature on a written contract and have completed a three-day waiting period. During this time, you can cancel the contract without paying any fees.

Before you sign a contract, be sure it specifies:

the payment terms for services, including the total cost
a detailed description of the services the company will perform
how long it will take to achieve the result
any guarantees the company offer
the company’s name and business address

Have You Been Victimized?

Many states have laws regulating credit repair companies. State law enforcement officials may be helpful if you’ve lost money to credit repair scams. Don’t be embarrassed to report a problem with a credit repair company. While you may fear that contacting the government could make your problems worse, remember that laws are in place to protect you. Contact your local consumer affairs office or your state Attorney General (AGs). Many AGs have toll-free consumer hotlines; check the Blue Pages of your telephone directory for the phone number or www.naag.org for a list of state attorneys general.

If You Need Help

Just because you have a poor credit report doesn’t mean you can’t get credit. Creditors set their own standards, and not all look at your credit history the same way. Some may look only at recent years to evaluate you for credit, and they may give you credit if your bill-paying history has improved. It may be worthwhile to contact creditors informally to discuss their credit standards.

If you’re not disciplined enough to create a workable budget and stick to it, to work out a repayment plan with your creditors, or to keep track of your mounting bills, you might consider contacting a credit counseling organization. Many credit counseling organizations are nonprofit and work with you to solve your financial problems. But remember that “nonprofit” status doesn’t guarantee free, affordable, or even legitimate services. In fact, some credit counseling organizations — even some that claim non-profit status — may charge high fees or hide their fees by pressuring consumers to make “voluntary” contributions that only cause more debt.

Most credit counselors offer services through local offices, the Internet, or on the telephone. If possible, find an organization that offers in-person counseling. Many universities, military bases, credit unions, housing authorities, and branches of the U.S. Cooperative Extension Service operate nonprofit credit counseling programs. Your financial institution, local consumer protection agency, and friends and family also may be good sources of information and referrals.

If you are considering filing for bankruptcy, be aware that bankruptcy laws require that you get credit counseling from a government-approved organization within six months before you file for bankruptcy relief. You can find a state-by-state list of government-approved organizations at www.usdoj.gov/ust, the website of the U.S. Trustee Program. That’s the organization within the U.S. Department of Justice that supervises bankruptcy cases and trustees. Be wary of credit counseling organizations that say they are government-approved, but do not appear on the list of approved organizations.

Reputable credit counseling organizations can advise you on managing your money and debts, help you develop a budget, and offer free educational materials and workshops. Their counselors are certified and trained in the areas of consumer credit, money and debt management, and budgeting. Counselors discuss your entire financial situation with you, and can help you develop a personalized plan to solve your money problems. An initial counseling session typically lasts an hour, with an offer of follow-up sessions.

Do-It-Yourself Check-Up

Regardless of your credit history, financial advisors and consumer advocates recommend reviewing your credit report periodically for three important reasons:

1. The information in your credit report affects whether you can get a loan or insurance — and how much you will have to pay for it.

2. It’s important to make sure the information is accurate, complete, and up-to-date before you apply for a loan for a major purchase like a house or car, buy insurance, or apply for a job.

3. It can help you deter, detect and defend against identity theft. That’s when someone uses your personal information — like your name, your Social Security number, or your credit card number — to commit fraud. Identity thieves may use your information to open a new credit card account in your name. Then, when they don’t pay the bills, the delinquent account is reported on your credit report. Inaccurate information like that could affect your ability to get credit, insurance, or even a job.

For More Information

To learn how to improve your credit worthiness and find legitimate resources for low or no-cost help, please see the following publications at ftc.gov/credit.

Your Access to Free Credit Reports — explains why it is important to monitor your credit history, how to request a report, and how to dispute errors.
How to Dispute Credit Report Errors — Explains how to dispute and correct inaccurate information in your credit report. Includes a sample dispute letter.
Building a Better Credit Report — Learn how to legally improve your credit report, how to deal with debt, how to spot credit-related scams, and more.
Knee Deep in Debt — Discusses options to help you get back in the black, including: realistic budgeting, credit counseling from a reputable organization, debt consolidation, or bankruptcy.
Fiscal Fitness: Choosing a Credit Counselor — Defines debt repayment plans, explains the differences between secured and unsecured debt, and offers questions to ask credit counseling agencies if you consider using their services.

The FTC works for the consumer to prevent fraudulent, deceptive, and unfair business practices in the marketplace and to provide information to help consumers spot, stop, and avoid them. To file a complaint or to get free information on consumer issues, visit www.Ftc.gov or call toll-free, 1-877-FTC-HELP (1-877-382-4357); TTY: 1-866-653-4261. The FTC enters consumer complaints into the Consumer Sentinel Network, a secure online database and investigative tool used by hundreds of civil and criminal law enforcement agencies in the U.S. and abroad.

HELPFUL CREDIT REPAIR LINKS:

http://www.bankrate.com/brm/news/cc/20011008b.asp

http://credit.about.com/od/creditrepair/ss/creditrepair.htm

http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre13.shtm

https://www.annualcreditreport.com/cra/index.jsp

Sonatta Camara, CDPE®,CRS®,GRI®,MBA
Broker
Camara & Co. - The Real Estate Group
9500 Arena Drive, Suite 480, Largo, MD 20774
301-333-4444 Office
301-333-2013 Fax
http://www.SonattaCamara.com

Great News for Buyers! Home Prices Are Down In Greater Upper Marlboro Area

Fri, 25 Feb 2011 15:58:24 GMT

Great News for Buyers! Home Prices Are Down In

Greater Upper Marlboro Area

According to Zillow's Real Estate Market Reports for December 2010, Greater Upper Marlboro home values were down 2.1% compared to November 2010 and down 16.0% compared to December 2009. This chart shows the vivid decline in home prices.

This is great news for potential homebuyers who are looking to buy a first home, buy an investment property, move into the area, or just switch homes. The market is ripe for buying and a good Realtor can help you spot the very best deals.

If, on the other hand, you’re already a homeowner in Prince George’s County and you have noticed that the value of your property has decreased and has possibly become less than the amount you owe on your mortgage, you will also benefit from an expert to help you get out from under that obligation. If you’ve looked around my website, you’ll know I speak from the experience of my expertise in this area. I have helped many homeowners to come up for air from underwater mortgages and I can help you, too.

Whether you are buying or you already own in Upper Marlboro, MD, you need someone on your side to negotiate on your behalf. If you’ll let me help you, the outcome can change your life.

P.S. For Buyers, I recently learned a tip to check the property taxes on a property you are interested in because they are not always accurately reported on the MLS. Go to http://taxinquiry.princegeorgescountymd.gov/ and type in the property address. Be careful NOT to include Drive, Street, Lane, etc…just the house # and the street name. Click on the 2011 tax bill. Add back in any tax credits that the seller is presently getting…those credits won’t transfer over to you as a buyer.

Let me know if this has been helpful and I will keep the information coming!

I look forward to being of service,

Sonatta Camara, CDPE®,CRS®,GRI®,MBA
Broker
Camara & Co. - The Real Estate Group
9500 Arena Drive, Suite 480, Largo, MD 20774
301-333-4444 Office
301-333-2013 Fax
http://www.SonattaCamara.com

Predatory Lending & Home Retention Event

Wed, 23 Feb 2011 13:46:48 GMT

Predatory Lending & Home Retention Event

Saturday, March 5, 2011

10:00 AM- 2:00 PM

Refreshing Spring Church-Fellowship Hall

6200 Riverdale Road

Riverdale, MD 20737

SCAMS TARGET YOU- PROTECT YOURSELF!

Come join with Federal, State, Local Government Officials, housing counselors, and private organizations to get the latest news and update on topics that are important to residents of Prince George’s County, MD:

Rescue Scams

Home Retention

Renters Rights

Life After: Renting Again

Improve Your Credit

Sponsored by The Coalition for Homeownership Preservation in Prince George’s County

If you are interested in receiving a FREE foreclosure legal consultation at the event, call Pro Bono Resource of MD at 1-800-396-1274 to pre-register and learn how to prepare.

And as always if you have questions about preventing foreclosure, saving your home, restoring your credit after a short sale or foreclosure, or any other real estate related questions, I am only a phone call away for help.

It's my pleasure to serve,

Sonatta Camara, CDPE®,CRS®,GRI®,MBA
Broker
Camara & Co. - The Real Estate Group
9500 Arena Drive, Suite 480, Largo, MD 20774
301-333-4444 Office
301-333-2013 Fax
http://www.SonattaCamara.com

You May Qualify for a State/Federal Earned Income Tax Credit

Tue, 15 Feb 2011 12:06:47 GMT

You May Qualify for a State/Federal Earned Income Tax Credit

Dear Friends,

I received this e-mail recently from Senator Ulysses Currie that I thought you needed to know about.

Many of you could be eligible for a special tax credit this year and not know it. As a result, you may overlook claiming the Earned Income Tax Credit, or EITC, which can put anywhere from $2 to more than $5,600 into your pocket.

People move into and out of EITC eligibility based on changes in their earnings, their parental status or their marital status. Many people will qualify for the first time this year due to economic changes in their incomes.

I encourage anyone who earned $48,362 or less from wages, self-employment or farming in 2010 to see if you qualify. Eligible workers can get their EITC only if they file federal income tax returns – even if they are not otherwise required to file – and specifically claim the credit.

IRS estimates four out of five eligible workers claim their EITC. We want to raise that to five out of five. You earned it. Now file, claim it and get it.

Taxpayers have several choices for free help determining their EITC eligibility and claiming the credit. IRS has a walk-in assistance site in Prince Georges County at 8401 Corporate Drive, Landover, 202-927-9361 or you can contact the IRS at www.irs.gov.

For help with your Maryland return, go to the Upper Marlboro Court House Rm 083B, 301-952-2810 or The Treetops Bldg, 8181 Professional Place, Rm 101, Landover, 301-459-9195. You can also visit www.comp.state.md.us/taxes.asp. To determine your EITC eligibility and prepare your return, you should bring:

· Photo proof of identification

· Social Security cards for you and your dependents or Social Security number verification letters issued by the Social Security Administration

· Birth dates for all persons listed on the tax return

· Wage and earning statement(s) Forms W-2, W-2G, and 1099-R, from all employers

· Interest and dividend statements from banks (Forms 1099)

· Copies of last year’s federal and state returns, if available

· Bank routing and account numbers for direct deposit of your refunds

· Other relevant information about income and expenses

· Amounts paid for day care, if applicable and the day care provider's identifying number.

To electronically file your returns and get the fastest refunds, both spouses must be present to sign joint returns.

Earned Income Tax Credit is a financial boost for working people hit by hard economic times. This is money that can make your lives a little easier, especially families with three or more children who get an extra boost with a larger credit this year.

“You earned it. Now file, claim it and get it.”

Sonatta Camara, CDPE®,CRS®,GRI®,MBA
Broker
Camara & Co. - The Real Estate Group
9500 Arena Drive, Suite 480, Largo, MD 20774
301-333-4444 Office
301-333-2013 Fax
http://www.SonattaCamara.com

5 Simple Ways to Increase Your Credit Score

Wed, 02 Feb 2011 19:36:15 GMT

5 Simple Ways to Increase Your Credit Score

Unfortunately credit is something we all need if we ever intend to finance a major purchase. Usually your credit is checked if you buy a car, apply for a loan, buy a home, or use a payment plan for a washer/dryer. Sometimes potential employers will run your credit, too. So, having a good score is essential to planning large purchases and preparing for the future.

There are many factors that can go into a credit score and although it is difficult to believe, the three major credit reporting bureaus, Equifax, TransUnion and Experian, may even report three different numbers for you because of the way they score and what information has been reported to them.

If you know you have a lower score than you need to make the purchase you want, you can make some simple changes to increase your score.

1. Get a copy of your credit report regularly. How else will you know what your creditors are reporting about you? If anyone has reported information that is not accurate, you will need to go through the proper channels to file a complaint to have information removed from your report which will increase your score. You can get a copy of your report once per year from www.annualcreditreport.com to check your score.

2. If you are scored lower due to habitually paying bills late, then you will need to readjust your budget or cut your expenses so you can pay each bill on time every month.

3. As you pay off credit cards, be slow about canceling out old accounts. Closing accounts too fast can have a negative impact on your score. Close accounts slowly over a few months and close newer accounts that do not have long credit histories associated with them. Remember your score is determined partially by how much you owe against your possible available credit. Ideally keep between 2-4 credit cards with a history of timely payments.

4. If you do have late charges or fees on credit cards, call the company and ask them to waive the charge instead of automatically accepting it. They may not do it if you ask too often, but they will usually do it at least a few times per year.

5. Even if you have a financial downfall reflected in your score such as a bankruptcy or short sale, you can still make progress toward increasing your scores by diligently paying your bills on time, paying your credit card bills every month and even starting a savings account. Even a small contribution toward saving will show future creditors that you are preparing for the future and turning your finances around.

Camara & Co. – The Real Estate Group has recently partnered with a financial services company to offer a credit repair program to those needing assistance in raising their credit scores to prepare for homeownership. Typically a score of 640 or higher is required for homeownership.

If you are interested in buying a home and would like to have our lender check your score, feel free to contact us. Or if you already know you need assistance repairing your credit, contact us today to begin our credit repair program.

As always, we look forward to being of service. Let us know how we can help you.

Sonatta Camara, CDPE®,CRS®,GRI®,MBA
Broker
Camara & Co. - The Real Estate Group
9500 Arena Drive, Suite 480, Largo, MD 20774
301-333-4444 Office
301-333-2013 Fax
http://www.SonattaCamara.com

Announcing HIP’s Homebuyer University

Mon, 24 Jan 2011 18:08:09 GMT

In an effort to keep you updated with the latest information that can help you make an educated buying decision, I am proud to announce:

HIP’s Homebuyer University

Interested in buying a home?

Now is the time to get your degree from HIP Services’ Free Homebuyer University

This 8-hour homebuyer workshop will arm you with the knowledge and confidence to jump into the real estate market and make the right choices for you.

Workshop topics will include:

· Getting your financial ducks in a row

· How much house can I afford? (And do I want as much house as I can afford?)

· Will the bank say YES?

· Don’t lose your shirt – how to avoid predatory lenders

· How do I buy a foreclosed property and do I want one?

· Where to find free down payment money…sort of

· The daunting closing documents and procedures

· I got my dream house – now what??

· Am I in to stay? How to avoid foreclosure

Location and Time:

Prince George’s County Association of Realtors

8400 Corporate Drive, Suite 225

Landover, MD 20784

Saturday January 29, 2011

9am to 5pm

**Lunch will be served**

MATERIALS: You will receive a valuable workbook filled with information, examples and resources for buyers.

DEGREE AWARDED: Upon completing the 8-hour class, you will receive a “Certificate of Completion” which is a prerequisite to applying for many downpayment/closing cost assistance programs, including the American Dream Downpayment Initiative (ADDI), Prince George’s County Neighborhood Stabilization Program, and MMProgram (CDA).

REGISTER: To register for the workshop, contact Cherelle Silue at 301-699-8031. Limited Seating will go quickly so register early. We will keep you updated for future events in case you miss this one.

Sonatta Camara, CDPE®,CRS®,GRI®,MBA
Broker
Camara & Co. - The Real Estate Group
9500 Arena Drive, Suite 480, Largo, MD 20774
301-333-4444 Office
301-333-2013 Fax
http://www.SonattaCamara.com

Prince George’s County Leads Foreclosure Activity in Maryland

Mon, 17 Jan 2011 19:26:48 GMT

Prince George’s County Leads Foreclosure Activity in Maryland

According to RealtyTrac ® , the leading online marketplace for foreclosures and delinquency trends, 1 in every 1,427 housing units in Maryland received a foreclosure filing in December 2010.

Prince George’s County led the pack with 381 properties that received a foreclosure filing- default notice, auction notice, or bank repossession. As a Certified Distressed Property Expert in Prince George’s County, I am troubled by the increasing numbers, but also confident that my training will help many homeowners avoid the pitfalls of foreclosure. This is exactly the reason why I decided to specialize in foreclosure prevention and short sales- because there are so many homeowners who need that help.

Hyattsville is the city most affected by foreclosure in Prince George’s County perhaps just due to its size. As a resident of the county myself, it is hard to see good people forced from their homes due to financial trouble that in many cases is not their fault.

In December 2010, 108 short sale properties were sold in Prince George’s County according to the Multiple Listing Service. That means that 108 people or families were spared foreclosure and that is great news!

A short sale is basically an agreement with your mortgage holder to sell your home and use the proceeds to pay off your loan at less than what you owe. Under this agreement, you will have no further obligation to the lender and you are free and clear to find more affordable housing. The short sale process is one best negotiated by someone who has a relationship with local and national lenders and who can help you prepare a package likely to be approved. Going this route means no foreclosure auction, no more default notices, no foreclosures on your credit report, and no more mortgage collection calls.

My business partners and I are on a mission to educate Prince George’s County homeowners about foreclosure prevention and what we can do to help you not be in the same boat as the 381 people from last month.

Fill out the form below to request an appointment with me to go over your situation and find out what I can do for you. Read over this site for more information and feel free to contact me with any questions. If you know anyone who might benefit from this information, please forward this on to them. They might just thank you later.

Sonatta Camara, CDPE®,CRS®,GRI®,MBA
Broker
Camara & Co. - The Real Estate Group
9500 Arena Drive, Suite 480, Largo, MD 20774
301-333-4444 Office
301-333-2013 Fax
http://www.SonattaCamara.com

Expanded Flexibility With The Revised “Home Affordable Modification” Program (HAMP)

Tue, 11 Jan 2011 13:45:09 GMT

Expanded Flexibility With The Revised

“Home Affordable Modification” Program (HAMP)

Back in 2009, the Obama Administration created new programs to help struggling homeowners who were not able to afford their mortgage payment for whatever reason. In an effort to boost the struggling economy and help families keep their homes, several programs were created. One of those was the Home Affordable Modification Program (HAMP) which allows homeowners to modify their mortgages to make them more affordable. Already over one million homeowners have taken advantage of the program. And the program is on track to help 3 or 4 more million by 2012.

On March 26 2010, the government announced changes to the program to offer more flexibility to mortgage servicers to help more homeowners who are upside down in their mortgages. The idea is to help homeowners who are in trouble through no fault of their own, such as the housing market crash which resulted in many homes now being worth less than what may be owed on them.

To find out if you are eligible for a loan modification under this program, answer the following questions:

1. Is the home in question your primary residence?

2. Is the amount you owe on your first mortgage equal to or less than $729,750?

3. Are you having trouble paying your mortgage?
For example, have you had a significant increase in your mortgage payment OR reduction in your income since you got your current loan OR have you suffered a hardship that has increased your expenses (like medical bills)?

4. Did you get your current mortgage before January 1, 2009?

5. Is your payment on your first mortgage (including principal, interest, taxes, insurance and homeowner's association dues, if applicable) more than 31% of your current gross income?

Note: if you are uncertain, click here to determine

If you answered yes to all of the above questions, then you should definitely contact your lender about qualifying for the modification, which just means that they will want proof from you that you can and will make the modified payment for an extended period. They will want to make sure that this is an appropriate choice given your specific circumstances.

Sonatta Camara, CDPE®,CRS®,GRI®,MBA
Broker
Camara & Co. - The Real Estate Group
9500 Arena Drive, Suite 480, Largo, MD 20774
301-333-4444 Office
301-333-2013 Fax
http://www.SonattaCamara.com

NEW RULES FOR HAFA MAY GET YOUR SHORT SALE APPROVED EASIER

Sat, 08 Jan 2011 13:28:50 GMT

NEW RULES FOR HAFA MAY GET YOUR SHORT SALE APPROVED EASIER

If you are not aware of what HAFA is, then you’ll be happy to learn that our government does not actually want you to lose your home due to foreclosure. They created a special program to offer homeowners in danger of foreclosure an incentive to complete a short sale or deed-in-lieu of foreclosure. With these options, under HAFA, a homeowner leaves their home to transition to more affordable housing and alleviate the mortgage debt they owe. Read more about HAFA here.

Changes were made to the HAFA program in December to make it easier for homeowners to have their short sales approved. The new policies go into effect on February 1, 2011. The chart below outlines the changes.

FORMER POLICY NEW POLICY

Monthly Gross

Income Requirement

Servicer had to verify if Borrower’s monthly mortgage exceeded 31% of gross monthly income.

Servicer no longer is required to verify any

financial information (but still can). Borrower

must still sign Hardship Affidavit.

Vacant Property

Requirements

Property could not be vacant or rented more

than 90 days prior to short sale application (SSA). Relocation was limited to 100 miles or less.

Property can be vacant or rented up to 12 months prior to the application, as long as Borrower can prove property was primary residence and had not purchased 1‐4 family

Property in the 12 months prior to SSA. Relocation no longer has to be work-related, nor

Is there a minimum relocation distance requirement.

Release of Subordinate

Liens

There was a 6% cap on proceeds servicers

directed to junior lien holders up to $6,000.

The 6% cap has been eliminated. The servicer determines the amount or percentage of the unpaid principal balance going to each junior lien

holder up to $6,000.

Timing for Issuance of

Short Sale Agreement

If a servicer offered a HAFA short sale to a borrower, and the borrower responded, the servicer had to issue an SSA within 30 days from the date of the borrower’s response.

The same still applies, but now includes borrowers that haven’t been directly offered a

HAFA short sale by the servicer. If an “unsolicited” borrower requests approval and is

eligible, the servicer must respond within 30

days.

Timing for Response to

Alternative Request for

Approval of Short Sale

There was a 30‐day response requirement for a servicer to reply to an A-RASS application, Hardship Affidavit, or Request for Modification

Adjustment.

There is now a 30-day response requirement for a servicer to reply to an executed contract.

Alternative Deed-in-Lieu

Programs

Alternative Deed-In‐Lieu Programs (Deed-for‐Lease) or

DILs that allow for the repurchase of the property after a brief rental period were

not eligible for HAFA incentives.

Alternative Deed-In-Lieu

Programs now qualify for

HAFA relocation incentives,

but only if the DIL is final.

Borrower Notices

Borrowers who request a short

sale or DIL who have not been

previously evaluated for HAMP

must receive a verbal or written

notice from the servicer regarding the availability of HAMP and give the borrower

14 days to respond.

This provision remains the same but clarifies that the

servicer can still qualify the

borrower’s eligibility for HAFA

while the borrower is considering HAMP.

Although the policies do not go into effect until February, servicers can and should start to use them now. In addition, they may also re-evaluate the possibility of a short sale for anyone previously denied or ineligible.

If you think you may be eligible for a short sale or if you have not even considered the option, but are facing foreclosure, please contact my office to explore the options provided by the HAFA program.

We look forward to helping you save your credit and your financial future.

Sonatta Camara, CDPE®,CRS®,GRI®,MBA
Broker
Camara & Co. - The Real Estate Group
9500 Arena Drive, Suite 480, Largo, MD 20774
301-333-4444 Office
301-333-2013 Fax
http://www.SonattaCamara.com

Sonatta Camara Awarded HUD Contract

Mon, 03 Jan 2011 19:32:40 GMT

Camara & Co. - The Real Estate Group 9500 Arena Dr, Suite 480

Largo, MD 20774

PRESS RELEASE

Contact: Sonatta Camara FOR IMMEDIATE RELEASE

Phone: 301-333-4444 January 3, 2011

Sonatta Camara Awarded HUD Contract

Washington, D.C. - Sonatta Camara, a top Realtor in Prince George’s County, has been awarded the contract as local listing broker for the U.S. Department of Housing and Urban Development (HUD) through Home Telos.

HomeTelos LP, a Dallas-based real estate services and technology firm, and an approved GSA Schedule Contractor, has been selected by the U.S. Department of Housing & Urban Development (HUD) to provide new and advanced marketing strategies to sell HUD’s single-family residential portfolio in five geographic regions encompassing Alabama, Arkansas, Colorado, Delaware, District of Columbia, Florida, Georgia, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maryland, Mississippi, Missouri, New Mexico, North Carolina, Ohio, Oklahoma, Pennsylvania, Puerto Rico, South Carolina, Tennessee, Texas, U.S. Virgin Islands, Utah, Virginia and West Virginia.

Sonatta Camara has been chosen to service the Washington, D.C. metropolitan area. With her successful track record and aggressive marketing strategies, Camara makes an excellent addition to the Home Telos team.

“This is a very prestigious contract and I am honored to have been given this opportunity. I look forward to using my talents to match buyers with HUD homes,” said Camara about the partnership.

Sonatta Camara is broker and owner of Camara & Co- The Real Estate Group. During her time in the industry she has quickly gained momentum, winning awards and adding designations. Her most recent accomplishment was becoming a Certified Distressed Properties Expert.

You can learn more about Sonatta Camara and the HUD properties she has listed from her website: www.SonattaCamara.com or by calling her office at 301-333-4444.

Sonatta Camara, CDPE®,CRS®,GRI®,MBA
Broker
Camara & Co. - The Real Estate Group
9500 Arena Drive, Suite 480, Largo, MD 20774
301-333-4444 Office
301-333-2013 Fax
http://www.SonattaCamara.com

DEADLINE LOOMING TO APPEAL YOUR PROPERTY TAXES

Tue, 21 Dec 2010 12:28:08 GMT

DEADLINE LOOMING TO APPEAL YOUR PROPERTY TAXES

Home owners in Prince George’s County, MD should definitely consider appealing their property taxes and let me tell you why. Because your home is probably not valued for the amount you are being assessed. See this local news article for more explanation: Home Values in Prince George's County fall 30%.

Your home is assessed on a 3-year window. So if your home was assessed for 2009, 2010, 2011, but the value of your home fell in those three years, you were still paying taxes based on the higher value even though your home may have been worth thousands of dollars less. You need to file an appeal every year until the economy gets better and your home value increases.

Here is what you can do to make sure you are only paying what you need to pay and no more:

Very Important: Keep all your tax forms mailed to you from the County. You will receive an Assessment Notice once every three years but a Tax Bill every year.

THE DEADLINE TO FILE THE APPEAL IS JANUARY 1, 2011.

Steps to Appeal - (It takes no more than 5 minutes to fill out the form)

1. Download the State of Maryland Department of Assessments and Taxation Petition for Review of Real Property Form

2. Go to www.zillow.com and find out the value of your home now. Put this in what is the current market value of your property on line 3.

3. Print the Zillow estimates and attach with your form.

4. On question 3 when it asks why you think your value is incorrect you can answer any way you like, but I suggest referencing the fact that home values have fallen due to the economic downturn.

5. You can choose to schedule a hearing or just get the results mailed to you.

Let me know if this type of information helps you. I always look forward to hearing from my readers. Have a Blessed Day!

Sonatta Camara, CDPE®,CRS®,GRI®,MBA
Broker
Camara & Co. - The Real Estate Group
9500 Arena Drive, Suite 480, Largo, MD 20774
301-333-4444 Office
301-333-2013 Fax
http://www.SonattaCamara.com

Sellers May Benefit From Holiday Foreclosure Freeze!

Wed, 15 Dec 2010 14:29:52 GMT

Sellers May Benefit From Holiday Foreclosure Freeze!

Just as in previous years, some of the biggest names in the mortgage industry are putting a freeze on foreclosures during the holiday season. And if your home is currently in the foreclosure process with one of these institutions, you will be granted reprieve at least through the first of the year.

Freddie Mac and Fannie Mae, the two mortgage giants controlled by the government, have announced they will freeze all foreclosure evictions on all mortgage loans they either own or back from December 20^th through Jan 3^rd.

Some of the larger banks who may also normally freeze foreclosures during the holidays may have a slightly different take this year since they have already been frozen in the past several months due to the foreclosure scandal that swept the country recently.

Bank of America’s spokesman, Rick Simon, said they would still be observing their holiday policy, which is normally to freeze foreclosure from late December through New Year’s Day on loans held in their investment portfolio or those owned by bank investors.

Chase Mortgage will apparently have no need to a holiday freeze as they are still several weeks away from allowing foreclosures to resume do to the latest freezes.

Wells Fargo is following in the footsteps of Fannie Mae and Freddie Mac for loans in its own portfolio. For other loans it services, they say they will follow state guidelines and the advice of investors.

So, if you are a property owner facing foreclosure, you have been granted at least a week extra to help yourself save your home or follow up on every last foreclosure alternative (depending on how far along you are in the process, of course). The only way to know, of course, is to contact a Certified Distressed Properties Expert who can help you determine if you have exhausted all our options or if there is still a path to take.

Call my office today to make an appointment to review your situation. I look forward to helping you in any way I can.

P.S. If you’re looking to move out of your home this holiday season, I have some very unique listings that may be just what you’re looking for. Check them out here!

Sonatta Camara, CDPE®,CRS®,GRI®,MBA
Broker
Camara & Co. - The Real Estate Group
9500 Arena Drive, Suite 480, Largo, MD 20774
301-333-4444 Office
301-333-2013 Fax
http://www.SonattaCamara.com

Sonatta Camara Nominated for Business Women of the Year by the Prince George’s County Chamber of Commerce

Thu, 09 Dec 2010 13:34:33 GMT

Sonatta Camara Nominated for Business Women of the Year by the Prince George’s County Chamber of Commerce

Recently in Prince George’s County, MD, business owners were nominated by their peers for various awards as part of the annual Excellence in Business Recognition. Held each year, this event recognizes businesses and individuals who have demonstrated successful business growth, community involvement, and leadership in Prince George’s County.

Sonatta Camara was honored to be nominated as part of a new category this year, “Business Woman of the Year.” This award is given to a woman who has proven initiative and leadership and a track record of achievements in terms of growth. She also has to be an owner, partner, major shareholder, or hold a senior position of a business to qualify. Sonatta definitely qualifies.

As the owner of Camara & Co. – The Real Estate Group, Sonatta knows first hand what it takes to be successful in the face of a faltering economy. When many other businesses have failed to grow and even closed their doors, Sonatta has hit the pavement to secure contracts that will keep her in business long after the competition has faded away. She knows all about the power of relationships and how important they are in every type of business. So she cultivates relationships with every person she meets. In doing so, she has become very active in her community and a resource that people seek out.

As a growing leader, Sonatta is continually bettering herself and her knowledge of her industry through seminars, conferences, new training, and new designations. As a Certified Distressed Properties expert, Sonatta is distinctly qualified to be the go-to resource for anyone who is struggling financially to meet mortgage obligations. She has become a community rescue service in terms of homes and mortgage options.

As much of an honor as it is to be recognized by her peers and local Chamber of Commerce, Sonatta Camara says, “It’s really all about serving the people and helping them when they need help.”

To learn more about Sonatta Camara & The Real Estate Group, you can visit her on the web at www.SonattaCamara.com or www.WinTheFightWithTheBank.com or call her office at 301-333-4444.

Sonatta Camara, CDPE®,CRS®,GRI®,MBA
Broker
Camara & Co. - The Real Estate Group
9500 Arena Drive, Suite 480, Largo, MD 20774
301-333-4444 Office
301-333-2013 Fax
http://www.SonattaCamara.com

3 Reasons To Get Your Home Ready To Sell Now!

Mon, 22 Nov 2010 13:41:47 GMT

3 Reasons To Get Your Home Ready To Sell Now!

Prince George’s County home sales grew the fastest in the Mid-Atlantic region over the past year, says a new report from the Metropolitan Regional Information Systems (MRIS). If you have considered selling your home and weren’t sure of the best time to list, then read on to find out why now is the best time to get your home in tip-top shape to prepare to sell.

1. Clean, solid homes in great locations always have a better chance of selling quickly and for a better price. They are always needed to balance the inventory of available homes on the market. Buyers love to have lots of choices in any given price range and why shouldn’t your home be one of their options?

2. After the holidays, people tend to start the process of looking for a new home. Spring is usually the very best time for home sales. But you cannot wait until spring to get prepared to sell. You need to plan now to make sure your home is ready to show, your marketing strategy is in place, your price is competitive, but not too low, and you’re ready to receive an offer within a week.

3. You can get a sneak peak of what your home may be worth prior to putting it on the market. Dial in to market trends in your neighborhood through this free tool: http://www.GetMyHomesWorth.com

If you need any advice after reviewing your free report, feel free to give me a call.

To get more specific information about what you would need to do to prepare your home for sale, call my office to schedule an appointment at your home.

It’s My Pleasure To Serve!

Sonatta Camara, CDPE®,CRS®,GRI®,MBA
Broker
Camara & Co. - The Real Estate Group
9500 Arena Drive, Suite 480, Largo, MD 20774
301-333-4444 Office
301-333-2013 Fax
http://www.SonattaCamara.com

P.S. Remember This Short Sale In Bowie?

Property Highlight: Approved Short Sale With 3% Closing Help

Wed, 17 Nov 2010 07:52:45 GMT

Property Highlight: Approved Short Sale With 3% Closing Help

View the Full Listing details below.

Get similar properties e-mailed directly to your Inbox!

You can also get the market value of your home just by entering your information!

Sonatta Camara, CDPE®,CRS®,GRI®,MBA
Broker
Camara & Co. - The Real Estate Group
9500 Arena Drive, Suite 480, Largo, MD 20774
301-333-4444 Office
301-333-2013 Fax
http://www.SonattaCamara.com

Washington, D.C. Foreclosure Law Broken Down

Wed, 10 Nov 2010 18:04:30 GMT

Washington, D.C. Foreclosure Law Broken Down

Having just gone through the facts about Maryland Foreclosure Law, I thought I’d also breakdown what you can expect from a foreclosure in DC.

Most foreclosures in DC are out-of court proceedings, or non-judicial. The reason for this is that usually the mortgage agreement includes a clause for the right of the lender to sell the property. So, once the borrower goes into default the lender sends a letter saying that they are in default and that the terms of the agreement have been violated.

The lender can then schedule a foreclosure sale and notify the borrower of the sale 30 days prior to the sale date. The lender must also record the notice of sale with the recorder of deeds and mail a copy to the mayor or the mayor’s agent within this time frame. Traditionally, lenders also inform any lien holders about the sale.

The borrower has until 5 days before the sale to pay all outstanding mortgage balances including late charges and fees to bring the account current and stop the sale. They can only do this once in two years.

If the mortgage spells out the process of foreclosure to include place and time of the sale or advertising the sale, then the process must follow that agreement. If the agreement does not specify time and place of the sale, the lender must get a court order for the terms of the sale. They will also typically advertise five times before the sale in The Washington Post or The Washington Times.

Once the sale has been completed, the borrower has no rights of redemption. An out-of court foreclosure in DC can take place in as little as 45 days.

On August 31, 2001, Emergency rule making was initiated by the Commissioner of the Department of Banking and Financial Institutions of the District of Columbia to implement the “Protections from Predatory Lending and Mortgage Foreclosure Improvements Act of 2000". This applies to any foreclosure whose first legal action occurs on or after October 1, 2001 and requires changes to the foreclosure process by the servicer.

From http://www.first-legal.com, here are some highlights of the changes involved from this new law.

1. The requirement of a formal breach letter is new for FHA/VA loans. The breach letter must contain the normal information contained in a standard

breach letter, such as the amount needed and the date by which it must be paid.

It must also state whether or not acceleration upon nonpayment is automatic,

whether or not the addressee will have right to reinstate after acceleration, that

the borrower/owner has the right to bring a court action to assert the non

existence of a default or any other defense "including the failure to send proper

notices, to the acceleration and foreclosure sale.”

2. A notice of acceleration is now required. The notice of acceleration may be

contained in the breach letter. If it is, the letter MUST state the acceleration WILL

occur if there is no cure. If the notice of acceleration in the breach letter is

permissive or equivocal, a separate notice of acceleration must be sent.

3. Washington, D.C. is now an original document jurisdiction. When a servicer refers a matter for foreclosure, the servicer will have to produce the original note or assure the foreclosure attorney that there is an original note that can be produced when needed. Under the new law, if the original note is lost or cannot be produced, prior to initiating foreclosure, the servicer must give written notice to the borrower/owner that note is missing and that attorney/trustee will be instructed to foreclose after 14 days have passed.

4. A new requirement in the foreclosure process is the preparation and issuance of two title commitments. One is to be done as of the time of foreclosure initiation and one is to be done at the time of audit.

5. The new law requires payoff and reinstatement quotes to be provided within three (3) business days of a written request for them.

If you need help sorting through the foreclosure process or if you are just being notified that you are in default, let us help you. As a CDPE, I am uniquely qualified to help you avoid foreclosure. I will put my full expertise at your disposal.

It’s my pleasure to serve you!

Sonatta Camara, CDPE®,CRS®,GRI®,MBA
Broker
Camara & Co. - The Real Estate Group
9500 Arena Drive, Suite 480, Largo, MD 20774
301-333-4444 Office
301-333-2013 Fax
http://www.SonattaCamara.com

What Does MD Foreclosure Law Actually Say?

Fri, 05 Nov 2010 20:52:00 GMT

What Does MD Foreclosure Law Actually Say?

As I’ve mentioned recently on this very blog, recently banks were forced to freeze the foreclosure process under speculation that the process was not being handled properly by lenders. If your foreclosure was one that was frozen, then you probably also know it was a short respite because banks soon resumed the foreclosures of millions of homes.

In light of this recent news, I thought it may help you to clear up what Maryland foreclosure law actually says so that you will know if your lender is following the proper procedure. If they do not, you may have legal reason to stall or stop the process.

On April 4, 2008 a new foreclosure law went into effect in Maryland specifying exactly what a lender must do in the process of filing a foreclosure and how the borrower must be notified. All foreclosure actions after that date must follow the new law.

Usually a borrower who is behind on mortgage payments will receive some notice form the lender stating that payments are behind and giving an opportunity to pay the missed payments in a timely fashion.

If you do not make the payments after initial notification, a lender can proceed with foreclosure after 90 days from the date that your loan went into default. 45 days before they file for foreclosure in court, the lender must send to the borrower a Notice of Intent to Foreclose. This notice will explain why your loan is in default and what you can do to bring the account current. It will often list the last payment received, how much is owed, and who to contact at the mortgage office to either send payments or to work out the default.

Assuming that you have not brought your account current in the 45 day period from receiving your Notice of Intent to Foreclosure, the lender must file the foreclosure case with the Circuit Court in the county where the property is located. They have to file:

A statement of debt, under oath, which itemizes the entire amount the lender claims is due under the loan. This will usually include principal, interest, late charges, attorneys’ fees and all other charges that the borrower is responsible for under the mortgage;
Certification that the property owner is not a member of the military service. Under a federal law, commonly known as the Soldiers’ and Sailors’ Civil Relief Act, members of the military service have specific rights when lawsuits are brought against them (including foreclosure proceedings) since they may not be in the U.S. due to a military assignment and unable to adequately defend their interests;
Statement, under oath, that indicates the date of default, the nature of the default and the date the Notice of Intent to Foreclose was sent;
A copy of the Notice of Intent to Foreclose;
Original or certified copy of the mortgage or deed of trust;
Copy of the debt instrument and an affidavit of ownership;
Original or certified copy of the assignment of the mortgage if applicable;
The mortgage lender and originator’s license number if applicable; and
A uniform Notice regarding the filing of the foreclosure action

Once the papers have been filed with the court, the lender has to serve the borrower with a copy of all the papers filed. They have to make at least two attempts on two separate days to serve the borrower and if they are unable to serve the papers, then they have to file an affidavit to the court stating such. Then they can serve you by posting the papers at the property as well as mailing them certified and regular, first-class mail.

45 days after the borrower has been served, the foreclosure sale can be held. Before the sale can be held, the lender must publish a Notice of Sale and notify the borrower of the impending sale. For three successive weeks, the lender must publish the Notice of Sale in the local newspaper. The first publication should be 15 or more days from the date of the sale and the last placement must be no more then seven days from the sale date.

Notice to the homeowner of the sale must be made no later than 10 days before the sale date by certified and first-class mail. The sale will not be stopped if the owner does not receive the notice or sign for it.

The foreclosure sale can be stopped by making the full payment to include interest and fees right down to one business day before the sale. The sale may also be stopped if the homeowner petitions the court because the lender has committed fraud in some way since obtaining the mortgage or they have not followed procedure in processing the foreclosure and the court agrees. Bankruptcy filing before the sale may also stop or stay the sale of the property. The type of bankruptcy would determine how much time the homeowner would have to bring the mortgage current.

Be very wary of people asking for money to help you stop your foreclosure. Most likely they do not have your best interests in mind. If you have questions about the process, please let me know and I will do my very best to assist you. As a Certified Distressed Properties Expert (CDPE), I am the most qualified Realtor to help you in this specific situation.

It’s My Pleasure to Help You!

Sonatta Camara, CDPE®,CRS®,GRI®,MBA
Broker
Camara & Co. - The Real Estate Group
9701 Apollo Drive, Suite 481, Upper Marlboro, MD 20774
301-333-4444 Office
301-333-2013 Fax
http://www.SonattaCamara.com

VOTE For Homeownership: Foreclosure Prevention

Mon, 01 Nov 2010 10:29:17 GMT

VOTE For Homeownership: Foreclosure Prevention

As we head into the polls tomorrow to vote for candidates who want us to pick them to represent our interests in national and local offices, remember to ask how the candidates stand on issues important to your household.

Now, I am not going to get on a soapbox and use this blog to support a particular candidate (although if you want to talk offline, I will tell you who I support), but I just want you to consider that there are some candidates who have specific ideas to help prevent foreclosure and improve the housing crisis in Maryland and Washington, DC as well as nationwide.

If you are a homeowner who is possibly facing foreclosure, then do your due diligence and support the candidate most likely to help you in that situation. Your home is the most important investment you may ever make and it can make or break you financially if you lose it. So you need representation that can help you to keep your asset in good condition financially.

As you wait with the rest of us to see the results of this primary election, please also know that you do not have to wait to take action if you are facing a default on your loan or possible foreclosure. You can get help right now- today!

I have many options available to owners to save their homes or at least unburden them from the financial strain. I am still offering a FREE Loan Modification Analysis as mentioned in my last post in case that is something you need help with. Or if loan modification is not an option for you, we can still try other avenues to help you. All you have to do is let me know how to reach you by filling in the contact form on this site.

Together we can !

I Have A Halloween Challenge For You!

Tue, 26 Oct 2010 09:17:38 GMT

I Have A Halloween Challenge For You!

This is the scary season. Every weekend there are haunted houses to make us scream, harvest festivals to make us thankful, school activities to keep our children busy bobbing for apples and making witches amd scarecrows, and lots of candy to keep our sweet tooth happy.

But all this fun is just a distraction from the biggest scare of all- Foreclosure!

One in seven homeowners are facing it- Are You?

Now some banks are rolling on with the foreclosure process, recalling the freezes announced in past weeks. What a way to head into 2011.

By now, you know that I want to help you, so today I want to throw out a challenge to you. A scary Halloween challenge!

I believe that there are people out there who have questions about their mortgage, their home, the current real estate market, foreclosures, short sales, or any number of other topics that I am distinctly qualified to answer.

I challenge you to throw out your most difficult or even personal question to me through my contact page where I can give you the most personalized answer.

Have you wondered if foreclosure is really that bad? Have you stressed about the short sale process or wished you could speak to an intelligent person at your mortgage company? Let me answer the questions you will never get them to answer for you.

You can read back to my past post about definitions of some typical industry terms that may clear up some of your questions, but for the back door tips and tricks that other professionals may be unwilling to share with you, you need a trusted source for this information.

I challenge you to ask me any question you have always wondered about or one that is related to your personal situation or that of a friend and I promise to answer it honestly with the information you provide.

If you have been helped by my service, I likewise request that you let me know. I will happily share your testimonial with others who may also benefit. I look forward to hearing all the questions and I may even share some general questions in future posts to help others going through the same situation.

Property Spotlight: Check out this Washington, DC Short Sale

FREE Personal Loan Modification Consultations Available- Schedule Yours Today!

Wed, 20 Oct 2010 12:58:15 GMT

FREE Personal Loan Modification Consultations Available-

Schedule Yours Today!

In the past, lenders have given mortgages to homeowners who really could not afford the mortgage or the payments. I tell you this so that you know that if you are having problems making your mortgage payment; it may not be entirely your fault. Because of this and the high foreclosure rate in our country currently, more and more lenders are offering homeowners options to avoid foreclosure by modifying he terms of the original mortgage. This has many benefits for the homeowner who is falling behind and facing foreclosure.

Ø The main benefit is that you avoid the foreclosure process which assures you lose your home and your credit is destroyed. To avoid foreclosure at all costs should be the main objective of every homeowner. You and the lender can avoid the extra expenses incurred from the foreclosure process as well.

Ø The result of the loan modification should be payments that you can afford to pay. So you will no longer be in jeopardy of missing payments or defaulting on your loan or losing your home to foreclosure.

Ø Your credit now and in the future will be untouched by the crisis of foreclosure which can haunt your every purchase for many years. Your credit will likely reflect late or missing payments, but it will also reflect that you were spared the foreclosure and your loan was modified.

Ø You and the lender both win. The lender would much rather have you pay off your home than take it from you and try to sell it for the price of the loan. Both your personal economy and the lenders are improved with you keeping the home and being able to afford the payments.

Ø The better financial situation for you and your lender translates into a better economy for your state and your country.

In lieu of this information supporting loan modifications as an alternative to foreclosure that allows you to keep your home, I am offering FREE personal consultations to help you get a loan modification from your lender if you qualify. As a qualified expert in the area of distressed properties, I have many contacts in the mortgage and banking industry and can use my expertise to help you.

All you have to do is:

Call my office to schedule an appointment. 301-333-4444
Gather all your documents about your mortgage and any communication you have had to or from your lender to bring with you to the appointment.

I look forward to speaking with you and helping you.

Surge In Foreclosures = An Investors Choice Buffet

Mon, 18 Oct 2010 18:50:28 GMT

Surge In Foreclosures = An Investors Choice Buffet

We are getting more requests than ever from buyers for foreclosure properties. Most people recognize that if a property has been foreclosed on by the lender, they are more likely to be getting a great deal from the bank when they list the property for sale. And the surge in foreclosures nationwide means that buyers and investors have more selection than ever to choose from for primary residences, rental properties, and properties to improve and resell.

This is also a time in the market when many would-be investors and inexperienced buyers can get way in over their heads by making uneducated buying decisions.

Ø Not every foreclosure is a great bargain. You still have to do your due diligence no matter what type of property you are interested in. A Realtor can provide you with comparable properties that have listed and sold to give you an idea of the market value of foreclosures. If you have any doubt, just ask me.

Ø This may seem like common sense, but do not buy properties that you can not afford to pay for long-term. Gong on a buying spree to get as many foreclosures as you can may seem like a good idea and you may even have a solid plan for those properties, but you also have to plan for the worst. If you plan to buy more than one property, make sure you are solvent enough to make the mortgage payments or someone may soon be purchasing your own foreclosure. If you plan to flip the property, make sure you have cash or investors to cover the normal unforeseen expenses that pop up and if you plan to rent make sure that the rental fee adequately covers the mortgage with extra money for repairs.

Ø Not every Realtor has expert knowledge about foreclosure properties. Not every Realtor can give you solid advice to steer you in the right direction. I have not only expert qualifications to avoid foreclosure, but I have worked with many investors and buyers who have used my advice to make solid negotiations and purchase great deals. Don’t work with a Realtor who is not qualified to help you make the very best and most educated decision. If that means not working with your Aunt or your cousin, then so be it. You’re financial future depends on it.

Ø Start Smart by never paying for something you can get for free. Don’t pay to get foreclosure listings as some websites will try to entice you to do. I will get you all the listings you want for free. All you have to do is ask me.

Ø If you see a foreclosure property you are interested in, never call the listing agent whose name is on the sign. They work for the seller, not you. They may not be totally honest with you or they may not be able to disclose important information about the house to you. Call a buyer’s agent instead to represent you and be the liaison with the other agent. If you do not have a buyer’s agent, I would be glad to meet with you free-of-charge to let you know what you can expect. You really cannot afford to navigate the purchase of foreclosures on your own. Make an appointment with me today and let’s get you started buying real estate the right way.

The reasons for purchasing a foreclosure property can be many, but the reasons to contact a qualified Realtor before buying are even more. Don’t make a bad buying decision you will regret. Use this advice or ask me for more. I’m always here to help.

What Should A Stalled Foreclosure Mean To You?

Thu, 14 Oct 2010 11:35:13 GMT

What Should A Stalled Foreclosure Mean To You?

You may have heard that across the nation banks are freezing the foreclosure process for closer scrutiny. They are looking into the fact that foreclosures may have been pushed through without following the proper guidelines or rules for the process.

Did you know that banks seized more homes this summer than in any other 3-month stretch since the housing market decline started in 2006? In fact, more than 288,000 homes were lost to foreclosure in the last quarter alone according to Realty Trac, Inc., a foreclosure listing service. The lending companies are on track to seize more than a million homes for all of 2010. Of course, that number will likely decline because of the foreclosure freeze. That does not mean that those homes will not foreclose, just that the process will be delayed, possibly until next year.

If you are one of the people who has already received a first Notice of Default or you’re in the process of foreclosure, there is more hope for you now than ever. You have been given the gift of time. Time to consult an expert about your situation; time to get a presentation together for your lender; time to find an alternate solution. And I am here to offer my assistance.

Because of the recent foreclosure freeze, the number of foreclosed homes on the market will be dramatically reduced during the final quarter of 2010. So if you have considered short sale options in the past or you have considered putting your home on the market before you can no long make the payments or you just want to take advantage of less competition, now is the time to meet with an expert Realtor and put your home up for sale. During this quarter, there will be many less homes on the market, so your home is more likely to be seen and bought by serious buyers.

If you’ve been dealing with your lender for any length of time, you might wonder who’s on your side besides you? The truth is that your situation is as important to me as it is to you. I love using my area of expertise with distressed homeowners to help people save their homes, their credit, and their pride.

Let’s talk about how I can help you today. Call me or fill in the form below and I will contact you as soon as possible.

It’s My Pleasure to Serve!