If you find the terms “foreclosure” and “bankruptcy” confusing, you’re not alone. It’s not uncommon to see people filing for bankruptcy if they’ve defaulted on their payments and received foreclosure notices. It’s important to know whether foreclosure and bankruptcy have the same implications on the people involved.

While neither situation is ideal, they are not the end of the world. You can correct both with proper assistance from lenders and legal assistants.

If you can't pay your mortgage towards your house, speak with your lender.

Let’s try and understand what each of these terms mean.

Foreclosure:

By definition, foreclosure is the legal procedure in which a lender holding a mortgage on an individual’s house forces a sale for the house in order to obtain repayment of their loan. Foreclosure proceedings usually begin when the homeowner defaults on his loan payments.

A common misconception is that defaulting on your mortgage for a couple months will lead to foreclosure. In such situations, people panic and tend to look for options where they can declare or file for bankruptcy in order to retain the control that they think will be lost if the property is foreclosed on.

Homeowners need to be aware that lenders also lose a lot of money when they put a house on foreclosure, so if approached at the right time, they would assist you in avoiding the process completely. The way they look at it, all they want is the principal borrowed and the interest at stake.

If you’re looking to invest in a foreclosed property, or any other home in or around Prince Georges County, Express Realty Services could help. With the lowest interest rates in years, you could get a beautiful house that’s well within your budget.

For more questions or concerns, feel free to call Express Realty Services at 1-877-9EXPRESS (1-877-939-7377)

This series will be continued. For more insights on concepts like foreclosure and bankruptcy, continue to read our blogs.

If you have any tips or suggestions that you’d like to share, please feel free to comment on this blog post.

Foreclosures have Affected Metro Area Inhabitants the Most:

Research conducted by RealtyTrac has suggested that three-quarters of some of the largest U.S. metropolitan areas – cities with over 200,000 people – have been directly affected by foreclosure in the first half of 2010 alone!

Across the U.S. over a million households – approximately 1.6 million properties received some form of foreclosure-related notice between January and June this year.

The Washington D.C. metro area has also been affected, but it’s a lot lesser than other parts of the country. In D.C., one in every 78 homes has experienced some form of foreclosure in the first six months of 2010.

Though banks and lenders are trying their best to clear the backlog of foreclosures, there’s a new bout of homes that’s bound to hit the market again. According to RealtyTrac head, James Saccacio, the expectation is to exceed three million properties with foreclosure filings and about one million bank repossessions by the end of the year!

It isn’t surprising to not that foreclosures are directly related to the high rates of unemployment. Areas that have had a higher rate of job-loss have seen more families that couldn’t keep up with their mortgage payments.

As bleak as it sounds, not all hope is lost. The markets are indeed picking up slowly. Buyers are finding more competition than they’d anticipated, as many people are looking to invest in new homes. If you’re looking to buy a foreclosed home (or a brand new home) in Prince George’s County and don’t really know where to start, Express Realty Services can help. Having sold over 800 homes in the past 5 years, we can comfortably assure you that it’s not as overwhelming as it may seem!

Just call us at 888-306-9450 or visit our website to chat with a representative about how to get started.

If you have any tips or suggestions that you’d like to share, please feel free to comment on this blog post.

Foreclosures have Affected People of Color the Most:

The foreclosure numbers are abysmal and it’s even more terrifying to see that 2010 will see over one million foreclosed homes by the end of the year.

But has the crisis affected everyone equally? Apparently not! A study done by the Center for Responsible Lending hinted that about 4.5 percent rate of foreclosed homes belonged to the Whites, whereas nearly double that rate was true for the African-Americans and the Latinos.

Foreclosures are not easy on anyone... but who are they really affecting?

In fact another report suggests that approximately 17% of Latino homeowners and 11% of African-American homeowners have lost their house to foreclosure, which adds up to hundreds of billions of dollars!

In a bad economy, high levels of unemployment have not just collapsed the financial markets but also sliced the housing sector. Besides, the economic drain has been increasing, thanks to foreclosures itself, but also because of the effects of neighboring property values that have declined due to foreclosures. Experts say that from 2009 to 2012, those owning properties near foreclosed homes in the Latino and African-American communities would have seen a cumulative drop of more than $350 billion on their property value.

Economic ups and downs are an inevitable cycle, but if you’re looking to invest in a house, you couldn’t find a time better than NOW! And Express Realty Services is here to help. Having sold over 800 homes in the past 5 years, we can comfortably assure you that you can find a house that’s just right for you and your family.

Just call us at 888-306-9450 or visit our website to chat with a representative about how to get started.

This series will be continued. For more insights on foreclosure trends, continue to read our blogs.

If you have any tips or suggestions that you’d like to share, please feel free to comment on this blog post.

Foreclosure Demographics in the Affluent Communities:

Foreclosed homes have been on an all-time rise. In fact reports suggest that 1 million American households would have undergone foreclosure by the end of 2010.

But if you thought that the foreclosure crisis only hit people from low income families, you may want to reconsider given current trends. According to the Baltimore Sun, “counties with high incomes and pricey housing were among the hardest hit.” Besides, the most affluent counties with a median income of $70,000 saw a 50 percent increase in foreclosure rates.

Where are these communities headed? Are they bound to become what Carol Lloyd of the San Francisco Chronicle calls them – slumburbs?

Buying a house is one thing, maintaining it is a whole other process. If you know what you’re getting into, foreclosure is bound to be the least of your worries.

If you’re looking to settle in or around Prince Georges County, Express Realty Services could help. With lowest interest rates in years, you could get a beautiful house that’s well within your budget.

For more questions or concerns, feel free to call Express Realty Services at 1-877-9EXPRESS (1-877-939-7377)

This series will be continued. For more insights on foreclosure trends, continue to read our blogs.

If you have any tips or suggestions that you’d like to share, please feel free to comment on this blog post.

Signed a contract on a new house but couldn’t close the deal by June 30? Worried that you lost out on the tax credit advantage you were going to get?

You’ve a reason to smile! The $8000 home buyer tax credit closing was extended by the Senate and has been passed by Congress!

Here's a chance to save more money on your house.

What is the $8000 tax credit benefit? If you’re a first-time home buyer, or a home buyer signing a contract on a new house as the primary residence, you can get $8000 and $6,500 respectively as a tax credit benefit. All of this only if you close the contract by September 30. The initial deadline for closing was June 30, but now you have another three months!

Excited? Imagine how much you will save when you file for your taxes!

If you’re looking to buy a home and don’t know where to start, we can help. Express Realty Services has a great selection of homes to fit your budget. We can even show you our latest remodeled and renovated homes from our sister company, Express Homebuyers!

Just call Express Realty Services at 1-877-9EXPRESS (1-877-939-7377)

If you’ve been looking for a job in the DC metro area, you’ve come to the right place!

The Express Companies is hosting a huge job fair in Alexandria, VA on Thursday June 17, 2010. We are in urgent need of filling over 15 positions immediately, and we are looking for efficient, committed and enterprising candidates to join our dynamic team. The positions available range from entry-level to managerial status – so if you think you have what it takes to join a great team and make a strong contribution, this might be just right for you!

Currently, are the # 1 agent team in the world for Keller Williams. We are also the fastest growing real estate and home-renovation company in the DC metro area. The positions we intend to fill, are mostly full-time and come with a good benefits package. 

So don’t wait too long! Sign up now. Go to http://www.expresscompaniesjobs.com right away. Fill out the details for your desired position, and we will respond to you. 

If you are what we are looking for, we will invite you to our job fair that will be held in the evening today, June 17, in Alexandria, VA. We will send you a confirmation email that gives you a time slot. Please print and bring this confirmation with you for your interview. For more details, go to www.expresscompaniesjobs.com.

Hurry up! You will not be able to enroll in the job fair post 3pm today!

Hope to see you there!

“Yes, I want to buy a home soon too, but seriously what’s the hurry?” you might wonder. Well, there is absolutely no hurry or any kind of external pressure. But if you know why foreclosures and short-sales are selling like hot cupcakes, you’d quickly want to stand in line too!

It is unfortunate that there are so many foreclosed homes and short-sales on the market, but that has driven a new demand for investing in them. Here are just some reasons why it isn’t such a bad idea:

Low Prices – If you’re looking for a good price on a home, REOs are a good starting point. Research suggests that people who bought a foreclosed home, saved anywhere between 15-40 percent compared to similar properties in the same neighborhood. Besides, if you’ve bought it for so much below industry standard, its value is more bound to appreciate in the future.

Low Mortgage – Foreclosures end up becoming a lost cause for banks. Banks not only lose money in going through the foreclosure process, but also end up adding bills in maintaining a dead asset. They are more than happy to get their properties off REO listings. Because of this, interest rates are usually extremely low. What you need to also look at is how much you’ve been pre-approved for and adjust your budget to include fluctuations in rate of interest.

More Options – With the number of foreclosures in the market, you have a huge world of choices. RealtyTrac, a site dedicated to tracking foreclosures across the country, estimates that within the United States alone, around 2.1 million homes are going through some stage of foreclosure!

Buyer’s Market – When the supply of homes exceeds the demand, it does indeed become a home buyer’s market. Statistics show that one in every 387 households across the United States has received some form of paper filing that might threaten foreclosure. Sellers are more anxious to find buyers, and lenders are also happy to speed up the process. What this means is that even sellers and lenders are equally motivated to help buyers like you go through a sale.

I hope this blog helps you in re-considering your options. If you’re looking to buy a foreclosed home (or a brand new home) in Prince George’s County and don’t really know where to start, Express Realty Services can help. Having sold over 700 homes in the past 5 years, we can comfortably assure you that it’s not as overwhelming as it may seem!

Just call us at 888-306-9450 or visit our website to chat with a representative about how to get started.

Two new cameras are scheduled for installation in Bowie soon, and it’s not because this group of Prince Georges County citizens are so photogenic. Actually, these cameras are set up to measure speeds of passing vehicles that are over 12 mph above the speed limits. The cameras, one measuring northbound traffic speeds and one measuring southbound traffic speeds, will run between the hours of 6AM and 8PM on Monday through Friday. For the first 30 days anyone in violation of the speed limit will receive a warning. After the initial 30 day period is over, those violating the speed limit will be charged $40.

The new cameras were approved by the city council in October. This was shortly after a change was made to the state laws which expand the use of speed cameras in work and school zones. The city council also approved the installation of cameras at other school sites. Affiliated Computer Services, a Dallas based company that also supplies the cameras for Montgomery County, is supplying the cameras. The new cameras are expected to be a source of revenue for the county. Based on current estimates, the cameras will provide $25,000 before the end of June and as much as $120,000 in the next fiscal year.

The speed camera laws for the state contain a requirement that the photos are reviewed by a sworn police officer to ensure that the vehicles tag is clear, the violation that the vehicle is charged with is clear and that the tag matches the vehicle. The registered owner will then receive a violation in the mail from the police that includes a photo. If the owner was not driving the vehicle at the time of the citation, there is a form they can fill out to transfer responsibility to the person who was driving.

Citizens aren’t thrilled with this “candid camera” approach to law enforcement. In addition, there is some controversy on how well the speed cameras work and under whose jurisdiction the fines should be paid. Timothy Leahy, a Bowie resident, is suing Montgomery County because of errors that he feels were made in measuring his speed.  Unless he wins, this new court case will have no bearing on the installation of the cameras at Bowie or future speed camera sites. The county is trying to dismiss the lawsuit as soon as possible.

Looking for a home in Prince Georges County? Call Express Realty Services today at 888-306-9450 or visit our website for the best real estate in eastern Maryland, northern Virginia, or DC.

Located in southeast Prince Georges County, Brandywine has 8,266 residents and 3,071 housing units located on 203,318,527 square meters. Because it is such a large area, Brandywine touches on both a suburban and a rural area, and matches this diversity with its mix of people from different backgrounds, all of them living together and getting along. Houses in Brandywine are equally diverse, varying from motor homes all the way to million dollar estates. This incredible mix continues as newly built subdivisions are placed beside older working farms.

One of the most recent developments is Chaddsford, a planned community that was built by K. Hovnanian Homes. Chaddsford was designed to maximize a natural setting. It covers over 200 acres, as well as offers easy access to shopping and major commuter routes. The design includes features such as a four acre lake and an undeveloped community green space to help show case the natural beauty of the area. Available activities in Brandywine include hunting, boating, hiking, and camping.

Chaddsford is made up of four different home communities. Two of these communities, The Crossing at Chaddsford and The Lakes at Chaddsford, are townhouses. The other two communities, The Greens and The Timbers at Chaddsford, are single family homes. Construction is still ongoing and there are two more neighborhoods with single family homes that are planned. The current development contains 382 townhouses and 191 single family homes. Because the Chaddsford development is composed of different types of housing, it creates a very diverse community overall.

Does this sound like a good match for your family? Express Realty Services can make it happen. Call us today at 888-306-9450 or visit our website for the best homes in Prince Georges County, as well as in D.C. and northern Virginia.

The County Council sees this project as a great way to bring in new jobs, not only in the construction phase, but also through the retail stores that will be built. There will be greater choices for shopping such as Starbucks and Panera Bread. The project is seen as a way to revitalize the community.

Mirza Baig, who is a general partner of Dawn Limited Partnership, said that the proposal must still go in front of the District Council in May. The partnership is hoping to start construction this summer and finish it by fall 2012.

As often happens in development projects, there are a few logistical issues to work out. The proposed land is directly across from the Addison Road-Seat Pleasant Metro Station and nearby to Seat Pleasant and Capitol Heights. Residents have expressed concerns regarding a wrought-iron fence that is to be placed in the project. One citizen, Douglas Edwards, instead suggested that the fence be placed in the middle of Central Avenue to prevent pedestrians from walking there. There are concerns as to whether that would limit pedestrian access too much.

Too few parking spaces are being planned according to Bradley Heard, a Capitol Heights resident who lives behind the possible project. Normally, county regulations require a minimum of 447 parking spaces. However, in this mixed-use project, the county approved it with only 372 spaces. The District Council wants fewer parking spaces as a method to entice commuters to take the train rather than drive and park their cars.

It seems that most residents welcome this new development. The Library will be closer. There is easy access to the metro train and more choices for retail shopping.

Express Realty Services can show you an affordable home in Capitol Heights. Just call us at 888-306-9450 or visit our website to chat with a representative about how to get started.