Foreclosures hit a 5 year record high!! USE OUR FREE CONSULTATION SERVICE BEFORE YOU SIGN THAT CONTRACT

Please follow the link to see the full article as reported at MSNBC.com this morning. According to this article more than one million homes will fall into default this year.  www.msnbc.msn.com/id/36547572/ns/business-mortgage_mess

RealtyTrac Inc. said Thursday that the number of U.S. homes taken over by banks jumped 35 percent in the first quarter from a year ago. In addition, households facing foreclosure grew 16 percent in the same period and 7 percent from the last three months of 2009.

In all, more than 900,000 households, or one in every 138 homes, received a foreclosure-related notice, RealtyTrac said. The firm based in Irvine, Calif., tracks notices for defaults, scheduled home auctions and home repossessions. 

The states with the highest foreclosure rates in the first quarter were Nevada, Arizona, Florida and California, with Nevada leading the pack, RealtyTrac said 

Lenders and loan servicing agencies had put a great number of defaulted mortgages on the back burner, basically offering a moritorium on foreclosures.  One reason for this was purportedly to try to help the consumer and to give consumers time to take part in loan modification programs and work-out programs. I personally feel that another reason was that the foreclosure mills nationwide were so overwhelmed with prior foreclosures that they just could not handle the new influx of foreclosures.

Because of the large numbers of properties on the market that have recently been foreclosed upon, it is likely that if you are buying a house this spring or summer you will be looking at, and possibly contracting on,  a property that has recently been foreclosed upon.  

It is imperative that your work with an EXPERT in transferring title out of foreclosure.  Call on the services of The Preferred Title Group, Inc. Having transferred more than 5000 Maryland properties out of foreclosures we are EXPERTS in this very specialized field of title and settlement services.  

We offer you and your clients a FREE ONE HOUR CONSULTATION which includes:

Review of the Contract of Sale, including a full explanation of the REO seller's counter offer addendum and how it affects your purchase.

Review of the initial GFE provided by your lender

Preparation of a PRELIMINARY HUD-1 and review of same

Preparation of a PRELIMINARY TITLE REPORT.  (based on a web-search only, not for use to issue title insurance)

THIS IS A FREE SERVICE AND THERE IS NO OBLIGATION TO YOU. 

CALL ME TODAY!!  I am ready to help you and your client understand the sometimes overwhelming process of entering into a contract on a foreclosed property.

This Free Consultation is not intended to replace legal counsel regarding any aspect of your real estate transaction. You are urged to seek legal counsel if you do not understand any aspect of your real estate transaction.  The consultation is for informational purposes only. No attorney will be presented at this consultation .

Charlene Perry 
The Preferred Title Group, Inc.

3605 E. Joppa Road

Baltimore, MD 21234

410-663-7444

410-456-7157 (cell)