AT HOME WITH LISA- WHAT IS A DISTRESSED PROPERTY
In any given market, there are always a certain percentage of homes or homeowners who are distressed.
According to Attom, a curator of land and property data, home foreclosure filings - which include default notices, bank repossessions, and scheduled auctions - are up 153% in the first half of 2022 compared to the same period last year.
In Maryland, foreclosures rose by 155.8%, from 1,147 in the first six months of 2021 to 2,934 in the first half of 2022. The foreclosure rate in the state of one in every 863 homes ranks as the 13th highest in the nation.
According to five-year estimates from the U.S. Census Bureau's 2020 American Community Survey, 72.5% of homeowners in Maryland are paying down a mortgage, the largest share among states.
But what is a distressed property? A distressed property will fit into one or more of the categories below:1. Property that is in poor physical condition.2. Property that is or will soon be in some stage of the foreclosure process.3. Property that has an owner who is experiencing a period of financial instability.4. Property on which the mortgage obligation exceeds its current value, causing its owner to sell.
Did you know that there are about 16 reasons that a property and homeowner could become distressed? A few examples are: Loss of employment, reduced income, death of a wage earner, severe illness, divorce and too much debt.
So, if you feel you fall into one or more of these categories, don't feel your only option is a foreclosure. There are upwards of 14 different options that you may qualify for to keep your home and/or avoid a foreclosure completely.
If you’re struggling to make your mortgage payments due to a financial hardship, reach out today and start exploring your options. Help is available.
I'm Lisa Longest with Realty Navigator. I am a full time Realtor® GRI® RENE® CDPE® and PSA® in Anne Arundel and Queen Anne Counties. I am here for all your real estate needs. If you are looking to buy, sell or question me about the market in your area, feel free to contact me. My email is LisaLongest.RE@Gmail.com and cell is 443-786-4200. Or you can fill out the form provide on my website for further assistance.