Can You Help Me Stop a
Foreclosure Action on My Home?

Facing foreclosure can be overwhelming, and it’s important to understand the facts so you can make informed decisions.  No licensed Real Estate Agent, or anyone else, can stop a foreclosure.  Foreclosure is a legal action initiated by the lender, and the only ways to prevent it are to work directly with the bank or sell the property.

Understanding the Rules

The Maryland Real Estate Commission (MREC) and the Federal Government have strict guidelines regarding how professionals may discuss foreclosures and short sales.  These rules apply to all licensed Real Estate Agents.  Anyone calling themselves a “foreclosure avoidance specialist” is violating these regulations.  You should also be cautious of anyone charging upfront fees for foreclosure-related assistance.

Why Homeowners Fall Behind

Many life events can affect a homeowner’s ability to stay current on mortgage payments, such as:

  • Job loss or relocation
  • Divorce
  • Illness or death in the family

Whatever the cause, the only true way to completely stop a foreclosure is to bring the loan current and continue making payments.

Possible Options

When that isn’t possible, homeowners may have alternatives:

Loan Modification:  You may be able to negotiate new terms with your lender, such as a different interest rate or payment amount.  During this process, the lender may request a Broker Price Opinion (BPO)  to determine the home’s current value.

Deed in Lieu of Foreclosure:  If a modification isn’t approved, the lender may accept a deed in lieu, allowing you to transfer ownership back to the bank in exchange for cancelling the debt.

Short Sale:  Selling the home, often through a short sale, is another option.  In a short sale, the lender agrees to accept a sale price that is less than the total amount owed.

How We Can Help

The licensed Real Estate Agents at DMS Properties, LLC Residential Real Estate Services have assisted with hundreds of foreclosure (Bank-Owned or REO) and short sale transactions.  We understand that every situation is unique, and we are here to guide you through the process with professionalism and compassion.

We can help you determine your home’s fair market value at no cost, and we will never charge you any upfront fees for our services or advice.  If you’re facing financial challenges or foreclosure, please don’t hesitate to reach out. We’re here to help you understand your options and take the next step with confidence.