Centreville, VA Short Sale Approved – Chase Agrees to Deficiency Waiver!

This has been a tough one, but if all goes as planned, we will  close on it in the next couple of weeks. Our client bought this home on Stratton Major in Centreville, VA in 2006 for $642,000 and we are now listed for sale at $449,900. We went back and forth quite a bit with Chase, but they have now agreed to short sell and grant our clients a deficiency waiver. Below is the approval letter for your review. If you’d like more information on how to short sale your home or you know someone who needs our help, call me at (703) 774-9572 or email me at me.

Loudoun County Short Sale Specialist – New Listings from Jennifer Young Homes

LO7751913 – LOUDOUN

21062 HAWTHRONE CT, STERLING, VA 20164

Woodland Village Neighborhood

4bed/2.5bath   2,848 sq ft

$365,000

LO7745368 – LOUDOUN

20373 COTTSWOLD TER #75, STERLING, VA 20165

4bed/2.5bath   2,778 sq ft

Medinah Homes Neighborhood

$399,900

LO7745385 – LOUDOUN

47795 SCOTSBOROUGH SQ #119, STERLING, VA 20165

3bed/2full bath/2half baths

3,168 sq ft

Medinah Homes Neighborhood

$399,900

Green Tree Short Sale SOLD in Linden, VA – Fast Short Sale Approval!

Congrats to our clients who short sold with us this week in the Apple Mountain Lake neighborhood in Linden, VA (Warren County)! This one moved fast…We received the short sale package on 10/07/11 and went on the market just a few days later. After 16 days on the market, we ratified an offer and faxed the complete short sale package, including preliminary hud-1 to the lender in this case – Green Tree. Then on 11/21/11, the Green Tree negotiator received the bpo values and countered at $175K.  On 12/02/11 the investors approved the deal but we needed to wait for the mortgage insurance to finish their audit on the approval. Soon after, we received the formal short sale approval letter…and we closed just days ago. I am pleasantly surprised at how quick we got Green Tree to approve this deal. Our clients owed $230,000 and sold for just $173,000. They currently live out of state. Here is the approval letter for you to see:

Federal Bailout Tax Relief Set to End This Year!

Congress passed and President Bush approved H.R. 3648, the “Mortgage Forgiveness Debt Relief Act of 2007.” The legislation is effective for discharges of indebtedness on or after January 1, 2007 and before January 1, 2010. The Federal Bailout Legislation H.R. 1424, passed on October 3, 2008, extended this relief through December 31, 2012.

Under the new law, a discharge of “qualified principal residence indebtedness” is excluded from taxable income. “Qualified principal residence indebtedness” is acquisition indebtedness secured by the principal residence of a taxpayer as defined for the deduction of residential mortgage interest, but the limit is $2,000,000 for the exclusion ($1,000,000 for the mortgage interest deduction) and $1,000,000 for married persons filing a separate return ($500,000 for the mortgage interest deduction). Also, the exclusion only applies to a mortgage secured by the principal residence of the taxpayer.

For example, for a recourse debt short sale:

If the cancellation of debt was for “qualified principal residence indebtedness,” it will be excluded from taxable income and be subtracted from the tax basis of the residence.

The article above is for research and information purposes only. I am not a tax expert – but can certainly refer you to a tax professional to tell you more about this tax relief and/or other tax ramifications due to short selling your primary residence. Feel free to call me at (703) 774-9572 or email me at me.

Alexandria, VA Short Sale Approved by Bank of America and Saxon – Jennifer Young Homes

We’ve been working on this short sale for over a year and now we’re finally headed to closing. The sellers of this home on Mt Vernon in Alexandria, VA bought in 2006 for $390,000, but it’s now listed for only $260,000. Saxon has been a tough lender to work with and we’re still negotiating for an official deficiency waiver from them similar to the one we’ve received from the 2nd trust – Bank of America. Here are the approval letters for your review…if you have any questions concerning this sale or other questions about short sales, call me at (703) 774-9572 or email me at me.

Another HSBC Short Sale Approved in Winchester, VA – All Deficiency Rights Waived!

We started this file in September 2010, receiving three offers in the lows 120s price range…but all of them were denied by the investor backed HSBC loan. Then on June 2011 we were informed that the investor (Fannie Mae) wanted to move forward with the foreclosure, so we pushed even harder. On 12/05/11 we ratified ANOTHER offer and managed to get the file assigned to the same negotiator that denied the file three times before…this time it was approved! In this case, the seller bought in 2006 for $272,500 – we listed it for sale at $125,000. Here is the approval letter for your review. If you know anyone who needs our help, feel free to call me at (703) 774-9572 or email me at me.

JP Morgan Chase Agrees to Pay a $20,000 Short Sale Incentive to Seller at Closing!

This short sale listing on Quiet Pond Terrace in Burke, VA is approved and with great news for the seller – a $20,000 incentive payment! The lender for both trusts is JP Morgan Chase and they are currently owed over $400K, but we listed it at only $260K. We received the file in March of this year and the foreclosure date slot machines had been set already, but we helped the owner get approved with HAFA and we were able to help stop the foreclosure without an actual contract in on the property. In the end, we were ratified a couple of times with different buyers and the lender did counter us on the high end twice – once at $300K and another time at $315K. But, with a strong rebuttal and the demand by us for a new negotiator, we got this one approved. Deficiency rights are waived and the sellers were NOT asked to bring money to closing. Here is the approval letter on this one…if you know anyone who might need our help, call me at (703) 774-9572 or email me at me.

Another Bank of America Short Sale SOLD in Fairfax – Condo Short Sale Expert Jennifer Young – Deficiency Rights Waived!

This is our 4th Short Sale Approved in East Market at Fair Lakes in Fairfax, VA. This is a great newer complex that a lot of buyers moved into during the height of the market. In this case, our client bought in 2007 for $470K with Bank of America – 2 trusts, with second being a HELOC. Our client successfully bought a new home in Maryland before short selling this condo, which he considered renting out, but rents in this neighborhood at the time were only around $2,000 while his monthly mortgage payment was closer to $3,300. So – he listed as a short sale with us and we closed on the sale on Friday for list price of $335,000. If you know anyone who might need our help with the short sale process, have them call me at (703) 774-9572 or email me at me. Here is the approval letter for this case: