Herndon, VA Short Sale SOLD – Deficiency Waived on Investment Short Sale!

Congrats to our client who closed on their short sale this week for an investment home on Clearwater in Herndon, VA. This short sale was in the Four Seasons Regime neighborhood. Our client had been renting this property out since 2006, but current rent prices would no longer cover the mortgage and he needed to sell. He owed Bank of America over $330,000, but the market dictated we sell for $202,000. BofA approved the short sale and waived ALL deficiency rights! Here is the 1st page of the approval letter for you to see. Call me at (703) 774-9572 or email me at me if you need help with your underwater investment home.

Manassas Park Short Sale SOLD – Lender Waived Over $150,000 Deficiency!
We just closed on a short sale we’ve been working since June of this year. The listing is on Wheats Way in Manassas Park and the homeowner bought in 2006 for $314,000. We listed the home comparable to the neighborhood at a price of $149,900.  The lender was originally EMC, but was transferred mid-process to Chase and we had to start all over. Congrats to our sellers and buyers. If you know anyone who needs our help, they can call me at (703) 774-9572 or email me at me. Approval Letter is here for your review.

Chase Military Department Works with Jennifer Young Homes to Stop Foreclosure and Short Sale Townhouse in Woodbridge, VA!

It’s always great to see lenders be proactive and flexible when it comes to actually helping their clients avoid foreclosure! This is expected to be an awesome outcome (still have to make it to closing of course) for our active duty military client who is currently deployed overseas. Chase Bank currently has a military department that works specifically to help active duty members and veterans avoid foreclosure and even get qualified for a home loan (see link to more info below). This seller’s home is located on Avocet in Woodbridge. He owed $419,000 and SOLD with us months ago for only $270,000.Chase is the 1st trust and Citi Mortgage the 2nd. Both lenders also waived deficiency rights. Approval letter below – if you know anyone who needs our help, call me at (703) 774-9572 or email me at me.

According to Housing Wire, Bank of America is looking at a new program to rent a home back to the borrower after foreclosure.

“There are programs that we are quite interested in,” said Ron Sturzenegger, who leads the bank’s legacy asset servicing division, in an interview with HousingWire. “We are talking with investors that would come in and buy these houses and would lease them back to who would now be the now tenant.”

In February, BofA formed the division to handle the servicing for delinquent mortgages, loans no longer being written, and to sort out outstanding representation and warranty claims. Currently, more than 35,000 employees at the bank are sorting through 1.1 million loans 60 days delinquent or worse, according to its third-quarter financial statement.

The Federal Housing Finance Agency is working on an REO rental program for Fannie Mae and Freddie Mac. It received more than 4,000 ideas on how to do it.

But private banks own $50.4 billion worth of REO properties, too, according to the Federal Deposit Insurance Corp., and millions of these homes are sitting vacant.

Sturzenegger described how their idea would work.

“We are looking at programs where you can capture somebody before the REO process and offer a deed-for-lease. We would go to the customer and say, ‘We’ll do a short sale. Will you be interested in leasing your property back? We’re still going to sell the property. You will no longer be the owner. But you can be a tenant now in that same property and save you from moving on,'” he said.

Sturzenegger stressed the bank would still sell the REO as before in areas where there is a market for them and they can still get reasonable bids. But some areas are so saturated with inventory, there isn’t enough investor or homebuyer demand and properties can sit for years uninhabited.

Rick Sharga, the executive vice president at Carrington Mortgage Holdings, said in an interview that many firms, including Carrington are preparing to participate.

“We already have the infrastructure and assets in place to participate effectively,” he said. “Everyone is waiting on final direction from the FHFA.”

Sturzenegger stressed the private program at BofA is in its infancy.

“It’s in the very early stages,” he said.

***And that’s the key to any new program like these…the words Deed-for-Lease offer up many questions. The key is to make sure the decision you make is in YOUR best interest. If you’d like to talk about short sale process or anything involving your mortgage with BofA, feel free to call me at (703) 774-9572 or email me at me. We’ll certainly update you when something pops on this possible program.

Herndon, VA Short Sale Approved by Bank of America – Deficiency Waived on Investment Short Sale!

One step closer to closing on this townhome in Herndon, VA on Clearwater Ct in the Four Seasons Regime neighborhood. This is an investment home for our client and he has been renting it out since 2006. Current rent prices would no longer cover the mortgage and he needed to sell. He owed Bank of America over $330,000, but the market dictated we sell for $202,000. BofA has approved the short sale and will waive ALL deficiency rights after the sale! Here is the 1st page of the approval letter for you to see. Call me at (703) 774-9572 or email me at me if you need help with your underwater investment home.

Thanks to our client who we served in Lovettsville, VA this year for his kind words this morning. Below is his comment to this blog post last week http://virginiashort2.wpengine.com/?p=1502

The home was bought by me for 715,000 dollars in October of 2006. It was sold for 360,000 dollars. So, I was a LOT more upside down than this makes it appear.

This was a nightmare of major porportions. It threatened my marriage and my metal health. Jen Young’s team made it possible for me to avoid foreclosure and finally get out from under this horrible back-breaking buy.

I wish the new owner nothing but the best. It is a beautiful home. I thought I was building the home for me, but it turns out I was building the home for her.

I have no one to blame for this mess but myself. I have no one to thank but Jennifer’s team for my new lease on life.

Leslie R. and Edson M. are the best!!

Jen…Thanks for going the EXTRA mile to make this happen.

God Bless You all!!!

Thanks,
Will and Judy

Thank you to our client who sent us the following email this weekend thanking us for helping her short sale her home in Bealeton, VA this year:

“The Jennifer Young Homes Team took the fear and anxiety out of our short sale. Everyone on the team treated us with care and respect from our initial contact to the last signature at closing. I would recommend Jen and her team to anyone needing a clear, precise, step-by-step, something-will-happen-but-we-will-fix-it-for-you-so-don’t-worry short sale….Jen I truly appreciate all you and your team did for us!” S.D.
This client bought this home in 2004 for $226K, but had to sell for well below that at $145K. First trust was held by Aurora Loan Servicing and the 2nd by HSBC. Both approved the short sale and waived deficiency rights after the sale. Here are the approval letters for you to see as examples:

Bank of America announced a process change to us this week that is expected to reduce cycle time and improve customer service for many short sales that are submitted with an offer from a qualified buyer. The change goes into effect Dec. 1, 2011, and impacts all short sales submitted with an offer in which the homeowner is eligible for the Home Affordable Foreclosure Alternative (HAFA) program.

When a short sale is submitted with an offer and the homeowner is HAFA eligible, we will no longer halt work on the file while waiting to contact the homeowner. HAFA eligible homeowners are no longer required to call our Short Sale Customer Care to indicate whether they will participate in the program.

Instead, real estate agents can indicate a homeowner’s HAFA interest by submitting the necessary documents to Equator within 14 days. During that 14-day window, the short sale will continue moving forward. By the end of the 14 days, if we have not received the requested HAFA documents, we will continue to process the file as a traditional short sale.

Action required:

• Short sales initiated on Equator.com that receive a HAFA eligibility message no longer require homeowners to call Customer Care to confirm their interest.
• If homeowners wish to participate in HAFA, agents must submit the requested documents within 14 days.  (Note: the 14-day period begins the day the HAFA solicitation letter is mailed to the homeowner. Agents can obtain the date of the letter from homeowner.)

For more info, check this out HAFA Eligibility FAQ . Let me know if you’d like to talk more about your options concerning your Bank of America mortgage or any other lender…we’ve worked with them ALL. Call (703) 774-9572 or email me at me.

Direct homeowners to contact Customer Care at 1.866.880.1232 if they have questions.

Government Cracking Down on Loan Modification Scammers – Never Pay UP FRONT Fees!

MND Newswire (Dec 2, 2011) – Creation of a multi-agency task force was announced on Thursday designed specifically to deter scam artists preying on homeowners looking for help under the Home Affordable Modification Program (HAMP). Among other things, the task force has issued a consumer fraud alert to protect homeowners from HAMP-related mortgage modification scams.  The alert tells homeowners who are struggling to make their mortgage payments to be aware of con artists that promise to save their homes and lower their mortgage debt or their payments and offers these homeowners specific tips:

• No special assistance is needed to apply for a HAMP modification and paying a third party does not improve your likelihood of obtaining one. Beware of persons claiming to be HAMP experts. Homeowners can make application on their own or with the help of a Housing and Urban Development (HUD) approved housing counselor. Applying for the program is always free.
• No third party can approve a modification; this can only be done by the loan servicer.
• No advance fee is necessary for mortgage modification services and in most cases charging in advance for a modification is illegal.
• Homeowners should verify the authenticity of any individual or company that claims to be affiliated with HAMP or displays a seal or logo representing the U.S. government by calling the Homeowner’s HOPE^TM Hotline.
• Beware of individuals or companies that offer money-back guarantees or that advise stopping mortgage payments or not contacting the mortgage servicer.

The key is to look for help that requires NO FEES! If you have questions about the loan modification you’re already taking part in, or if you’re in any kind of trouble with your mortgage, call me at (703) 774-9572 or email me. We’ve helped hundreds of homeowners and we can help you too.

BofA Offered Seller “Hope for America” Program – Did Not Work Out and Now Their Short Sale Is SOLD – Lovettsville, Virginia

This homeowner worked double time to save their home on Tritapoe in Lovettsville, VA from foreclosure. They tried to keep up with payments, but got behind and asked Bank of America for help. They were getting no where, so they listed as a short sale with our team. Then after we were ratified and headed to approval, BofA reached out to them with their “Hope for America” packet offering loan modification…so they withdrew their listing and we sent our apologies to the buyers. (This does happen sometimes and we’re the first to encourage our sellers to try everything they can if they want to stay in their home with refinance or loan modification, but many times it does not work out in their best interest.) That was in April 2010. Then 2 months ago, the loan modification they thought they could handle ended up being a payment they could not sustain, even with the lower price. So we re-listed their home and Bank of America has approved their short sale. The sellers bought in 2005 for $520,000 – it SOLD today for $360,000. The approval letters are below for you to see. FYI – the 2nd trust actually was approved for HAFA in the end. All deficiency rights were waived on this one by BofA! Call me at (703) 774-9572 if our team can help you or someone you know as well.