A Week In Business

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Awards Presented

OCEAN CITY — Thirty-eight awards were recently presented to support staff and sales associates at the Mark Fritschle Group-Condominium Realty’s annual awards celebration at Buxy’s Salty Dog.

The support staff awards were for length of service and for the superior service that has helped make the company such a success. Joanna Bunting was awarded the Sunshine Award for her warm and welcoming personality as she greets the company’s customers and clients each day. Terry Littleton was recognized for her many years of outstanding service.

The Sales Associate Awards were for 2012 settled sales and new listings. Wayne Phillips received an award for his Team Spirit and willingness to help other agents. Kevin Decker was No. 1 in sales and No. 1 in new listings. Sheri E. Smith received the award for most sold units.

Boomerang Buyer Tips

BERLIN – Millions of families lost their homes to foreclosure after the housing crash hit several years ago. Now, some of those families are back in the housing market. The industry has a name for them – the "boomerang" buyers, according to the Coastal Association of Realtors.

“We are seeing more and more consumers reaching out for help with questions about the steps they need to take to get back on the path to home ownership,” said Sheila Dodson, CAR Executive. “Foreclosure is just a one-time event—with discipline and perseverance, you can get a mortgage and become a homeowner again,”

Local Realtor and CAR member Jennifer Cropper Rines knows from experience. She has assisted clients through the process of owning a home after filing bankruptcy.

"I’ve worked with clients this year who have been through tough times, said Rines. “But even after a bankruptcy you can repair your credit. It may take a lot of work, but in the end it is worth it. There are loan programs out there where you can obtain 100% financing and asking the seller for a closing credit is also possible. I know because I have seen it happen."

Paul Soule, mortgage officer for Coldwell Banker Home Loans, added, “There are loans available for people coming out of the penalty box and looking to buy again. A Federal Housing Administration (FHA) loan that is zip code specific works well for families looking to buy in parts of Worcester and Wicomico counties. A critical factor for individuals looking to buy after renting for some time – make sure you pay your rent and bills on time. Showing a perfect rental history is extremely important when it comes time to apply for a housing loan.”

As a result of the increase in “boomerang” buyers, CAR offers the following tips:

Stick with a job after foreclosure, Potential lenders require stable employment before they’ll give you a new mortgage loan after a foreclosure. Even if it means taking a lower-paying job, it’s worth it.

Rebuild your nest egg after foreclosure. Establish a safety net. Financial planners generally recommend three to six months of living expenses in a liquid account, but since you’re coming out of foreclosure, six is a minimum to show stability and that you’re able to pay your bills—including your mortgage — for an extended period if you lose your job.

Raise your credit score after foreclosure. After foreclosure, your credit score can dip as much as 150 points. You’ll need to raise it back up by paying bills on time and keeping your credit card balances below maximum levels. The foreclosure will stay on your credit report for seven years, but if you prove your money management skills have matured, it will become less of a red mark as years go by. 
Reduce your waiting time for a mortgage after foreclosure. Normally, you would have to wait seven years after foreclosure before you can apply for a new mortgage under Fannie Mae rules. However, you can wait as little as three years if you can show extenuating circumstances for your foreclosure. Examples include loss of a job, divorce and unexpected medical expenses.  

Don’t try to hide your foreclosure. When you’re ready to apply for your new mortgage, don’t try to hide your foreclosure. On the contrary, be proactive and reveal the steps you’ve taken to remedy the problems that led to your foreclosure.

RV Resort Honored

OCEAN CITY — Castaways RV Resort in Ocean City has been awarded a score of “Perfect” from one of the nation’s largest and most influential independent travel rating organizations. 
Good Sam rates parks across the nation in dozens of categories including Facilities, Services Offered, Customer Relations, Restrooms and Overall Appeal.

Catataways RV Resort is the only outdoor venue in the state of Maryland to receive Good Sam’s score of “Perfect”.

“We are extremely proud of both ownership and staff for reaching this level or recognition in the highly competitive Outdoor Hospitality Industry. This rating assures guests that they can be confident that a stay at Castaways means a stay at one of the best parks in the nation,” said. Kathleen Walsh, COO of the Castaways Resorts.

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