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Think You Are Not Affected by Foreclosure?
Think Again! - Deizshel Setzer

We see for sale signs everyday and they are everywhere. We see signs that read for sale by owner, for sale by realtor corporations and we are seeing more for sale by auction. This is a growing trend in Baltimore city. The city is second In the state behind Prince George county with over 6,000 homes for foreclosure and the number is increasing fast.

Foreclosure is the legal process by which a bank or other secured creditor sells or repossesses a parcel of real property (immovable property) after the owner has failed to comply with an agreement between the lender and borrower called a "mortgage" or "deed of trust". Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property. When the process is complete, the lender can sell the property and keep the proceeds to pay off its mortgage and any legal costs, and it is typically said that "the lender has foreclosed its mortgage or lien". Foreclosure is on the rise.

All of us who own property are affected by the trend. Home values are determined by the homes in a certain area. So if you own a home and paid $200,000 for it last year and your neighbor decides to sell his home for $100,000 and the neighbor next to him is in bank foreclosure. The bank is selling his home at $80,000. The new value of your home would be between $80,000 and $100,000. You would have just lost $100,000 and there is nothing you could do to change this fact. This is why it is crucial for you to protect your equity today while you still have time.

Equity is defined as the difference between what your home market value is today minus what you owe the bank. For example : your home is valued at $200,000 and you owe the bank $100,000, That means for the moment you have $100,000 available to use at your discretion. This number is subject to change on a daily based upon market value. It is better to have and never want than to want and have no availability to have. If you harvest your equity before you lose any of it you will win. Even if you take the money and placed it into a simple savings, CD, or decide to do some modest investments -You could improve the quality of your life!

We all have choices to make. It is up to you to chose which path to follow: To have or to have not! To learn more about how to protect your home investment call me - Deishel Setzer, Mortgage Planner / Wealth Builder - today at 1-866-905-1550

Home Ownership

Interview with Darryl Cooper of Shaw Real Estate, Inc

To Listen:
Part One: Click Here / 28min - 13mb
Part Two: Click Here / 30min - 14mb
Full Interview: Click Here / 58min - 27mb

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Securing Your Home Title

Interview with Carole Hicks of Client 1st Title, Inc
To listen:
Full Interview: Click Here / 20min - 9.3mb

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