Congrats to our seller and buyer on this BofA Cooperative Short Sale that just closed today at a price of $198,500. That is a price of almost $100,000 less than what our sellers paid for this home in 2005. The home is located at 707 S Alder in the Sterling Park neighborhood of Sterling, VA. We listed the home for sale back in January of this year and worked hard to get it closed before the Tax Relief Act expires in a couple of months. Two lenders on this one – Bank of America and Select Portfolio Servicing (SPS). Both approved the short sale last week and both waived the deficiency of the unpaid balances on the sellers’ loans. We represented the buyer on this sale as well and here’s what he had to say about our ability to close this Bank of America Cooperative Short Sale:

Jennifer, Leslie, Peter, Edson

Thank you for your dedication on seeing this transaction through, in
spite of the difficulties and delays caused by banks.

Dealt with many people and organizations in my 50+ transactions from
the last couple of years, but this was by far the most organized,
pleasant and professional experience I’ve had. Thank you all again.

Please do not hesitate to call me for any cash deal, or if any deals
in progress need saving, for whatever reason. Have the cash, easy to
work with and can wait it out, go through the necessary hoops. Hope
that Peter would attest to this.

Thank you, Joseph

For more info on how we, the Jennifer Young Homes Team, can help you with your short sale, call me at (703) 774-9572 or email me at jennifer@jyhteam.com. Here are the lender approval letters for this sale Bank of America & SLS Approval Letters.

***Bank of America Cooperative Short Sale APPROVED – Seller to Receive Over $12,000 in Relocation Assistance!

Another HAFA Short Sale Approved thru negotiations from the Jennifer Young Homes Team! Our seller needed to sell his home, but bought it in the height of the market in 2005 for over $592,000. In today’s market it needed to be listed at only $379,900. We got it under contract within a month of listing it and now it has taken another 3 months to fight the lender for approval. Using the HAFA Short Sale program, we were able to secure a $3,000 incentive for the sellers to help them with relocation costs. Citi also agreed to pay over $7,000 in attorney’s fees and waived deficiency rights on the unpaid balance. It’s a great new start for our sellers and we rushing to a mid-November closing. Here is the approval letter to check out. If you have any questions about how we might be able to help you short sale your home in Virginia, Maryland or DC, call me at (703) 774-9572 or email jennifer@jyhteam.com.

Citi Short Sale Approval in Triangle, VA

Short Sale Approved

HAFA Short Sale Approved by CITI – Jennifer Young Homes Negotiates Short Sale Incentive of $3,000 for Sellers!

This was one of those tough cases and we were thrilled to tell our seller that we finally received short sale approval from her lender, Specialized Loan Servicing (SLS) for her short sale in Manassas Park, VA. We listed her home for sale in March 2012 and worked towards a short sale approval, but hit numerous snags along the way. The seller bought this home in 2007 for over $272,000, but had to list for sale with us for only $149,900 to meet market value. Both of her lenders, Greentree and Specialized Loan Servicing LLC, have granted short sale approval AND deficiency waivers for the unpaid balance of her loans. The link below shows the actual approval letters to look at. If you or someone you know needs our help, call me at (703) 774-9572 or email me at jennifer@jyhteam.com.

Short Sale Approval Letters from Greentree and SLS

***Manassas Park Short Sale Approval from Greentree & SLS – Jennifer Young Homes Short Sale Headed to Closing!

What if this home had gone to foreclosure?…

Of all available options, Foreclosure is the WORST

The inevitable result of a foreclosure is the lender taking your house. Not only will you lose your home, but the lender can get a judgment against you for what you owe on the loan PLUS any costs for the foreclosure action. And as if that weren’t enough, your credit report will be suffer tremendously for years to come. There is simply no upside to foreclosure. It should be avoided at all costs.

Great brick front townhouse in the Heritage Estates neighborhood – Just Listed as a Centreville VA Short Sale with the Jennifer Young Homes Team. This home backs to open common in terrific location! Easy access to Route 28, I-66 and Fairfax County Parkway. 2 levels, 3 Bedrooms & 2.5 Bath. Living room, separate dining room. Master bedroom w/full Master Bath. Nice fully fenced backyard with patio backing to open area. Amenities include pool, tennis, bike trails & more! Minutes to shopping & dining.

Centreville VA Short Sale

3 Bedrooms

2.5 Bath

1,280 Finished Sq Ft

Only $270,000

More info, go to our website at:

http://idx.searchfornorthernvirginiahomes.com/idx/9321/details.php?idxID=089&listingID=FX8199702

Centreville VA Short Sale JUST LISTED @ $270,000 – PNC Mortgage and Greentree!

If I do a Short Sale, how much will I have to pay to sell my home?

Nothing – That’s right… you can walk away from your mortgage paying literally no sales costs if your lender approves the Short Sale. Commissions, title and escrow fees are all paid by the lender as part of the Short Sale approval. The fact is, lenders will accept the resulting losses of a Short Sale to avoid bigger costs associated with foreclosure.

Get Paid to Short Sale! $5,000 Paid to Another Short Sale Client in Woodbridge, VA – So many of our clients bought a new home in the height of the market when prices were very high and now they have lost income or their mortgage has converted to an adjustable APR %. They can no longer make their payments on time and they need to sell fast before their credit takes an even bigger beating. Well, this seller was in the boat with all the rest and now he needs to short sale. He bought this home in the Riverside Station subdivision of Woodbridge, VA in 2006 for $562,989. He has just been approved by Bank of America for a short sale at a price of only $345,000. Now, in his case, not only will he be bringing ZERO cash to the closing…he will also be paid $5,000 in relocation assistance to help with moving expenses! In addition, Bank of America has agreed to “release (the seller) from any further responsibility” for his outstanding mortgage balance.

These types of short sale approvals have made Jennifer Young a well known expert in short sale negotiations – both to her sellers and to her peers in real estate. The approval letter is below for your research purposes. Call Jennifer at (703) 774-9572 for more info on the short sale process or email her at jennifer@jyhteam.com.

Barn Swallow Short Sale Approval Letter from Bank of America

***Why would a mortgage company agree to accept a Short Sale?

There are many reasons why mortgage companies are now allowing homeowners to Short Sale their homes. First, foreclosure costs are extremely high for lenders. They have to pay asset management companies and realtors to handle the foreclosure process. This cost and what it takes to keep properties maintained, keep utilities on, and make repairs when damage occurs, can drag down the lender’s bottom line significantly. Secondly, typically when a homeowner works to short sale their home, they continue to live there and take care of the property. This is a great benefit to lenders as they work to clean up delinquent and non-performing loans.

Bank of America has agreed to accept a short sale contract from our seller on Moon Way in the Prince William Commons neighborhood! Our client bought this home for $325,000 in 2007, but the market value forced us to list it for only $232,800. This short sale is a HAFA Short Sale. The bank is offering the seller $2,000 and HAFA will kick in the remaining $3,000 to help them with moving expenses. The link below is the approval letter. If you’d like more information on how we might be able to help you or someone you know short sale their home in Virginia, Maryland or DC, call me at (703) 774-9572 or email me at jennifer@jyhteam.com.

http://virginiashort2.wpengine.com/wp-content/uploads/2013/10/201310021710.pdf

Short Sale Help – Bank of America to Pay Seller $5,000 to Help w/ Relocation from Woodbridge, VA!

***What is a short sale?

Put very simply, a short sale is when the amount owed to the lenders is more than the home can be sold for in the current real estate market. In a typical situation, the home owner would need to bring to closing the difference owed to be able to sell and walk away. This is where we can help. In a short sale, we can negotiate with the lender to accept less than the full amount owed to satisfy the debt, allowing it to be paid off “short”. Short selling has much less of an impact on credit scores and history than a foreclosure. It also allows a home owner to walk away paying nothing out of pocket.

FHA loans (seller side) are tough to negotiate when dealing with a short sale, but they CAN be successful. Unfortunately, those tough negotiations are about to hit new, even tighter regulations launching Oct 1st.

Effective October 1, 2013 U.S. Department of Housing and Urban Development (HUD) has announced the following changes to their Federal Housing Administration (FHA) Short Sale requirements:

• New or different documentation requirements for verifying assets, income, and expenses
• Deficit Income Test (DIT) will be used to determine a homeowner’s financial hardship
• Possible elimination of the financial hardship/deficit income pre-foreclosure sale requirement for:
  • service members who have received Permanent Change of Station (PCS) Orders, or
  • homeowners who are deemed eligible for a streamlined pre-foreclosure sale option
• New validation requirements for appraisals
• Different dual agency/brokerage requirement: to meet the new short sale purchase contract addendum requirements, brokers and their agents may represent either the buyer or  the seller, but not both parties

Basically, the test on hardship will be tighter, appraisals will need to be validated in a more detailed way and one the real estate agent side of things…dual agency is no longer allowed. Call me for more info if you’ve been considering a short sale. My direct cell # is (703) 774-9572 and my email address is jennifer@jyhteam.com.

Congrats to our client who just closed on his short sale with us in the Singletons Grove neighborhood of Centreville, VA this week! This sale involved 2 lenders, Bank of America and Specialized Loan Servicing. Both agreed to the short sale and waived deficiency on the unpaid balances. Our seller bought for $359,000 in 2006 and we just had to sell at market value of $270,000. He had been renting the place out and was losing hundreds of dollars each month. Now our seller will no longer be making those mortgage payments, he won’t owe anything more to BofA & SLS and he won’t have to pay taxes on the unpaid balances thanks to the Mortgage Debt Relief Act that was extended for 2013.

If you know anyone in this type of situation or would like more info on short sales and how we can help, call me at (703) 774-9572 or email me at jennifer@jyhteam.com. Here are the approval letters for this case for you to check out:

Short Sale Approval Letters – Hoskins Hollow

***Virginia Short Sale Expert – Short Sale SOLD in Centreville w/Bank of America and Specialized Loan Servicing!

It’s always great to be able to tell your short sale client that they will be receiving cash at closing to help with moving expenses and relocation costs. The sellers of this home on Quaint Dr. in Woodbridge, VA (Dale City) faced a hardship recently and could not sell their home for what they owed the bank. They reached out to our team and we listed it as a short sale in mid-July. Just 2 months later, we have an approval letter from BofA and we’re headed to closing. Bank of America is waiving their rights to the unpaid balance (deficiency waiver) and they want us to close in November. If you know anyone in a similar situation that might need our help anywhere is Virginia, Maryland or DC, call me at (703) 774-9572 or email jennifer@jyhteam.com. Here is the approval letter for this file for your research purposes:

Bank of America Approval Letter

Bank of America Cooperative Short Sale Program Pays Homeowner Incentive to Short Sale – Woodbridge Short Sale Approved!

Jennifer Young Homes has successfully negotiated with all 3 trusts in this case to short sale this home AND the deficiency waivers for unpaid balances. Located in the Broadlands area of Ashburn, it was purchased by our sellers in 2001 and during the height of the market, they took out equity for improvements. As you may know, it is very tough to work with credit unions on short sales – and just as tough to get a deficiency waiver from them. We are excited to have received approval letters from Bank of America and now from both the Navy Federal Credit Union & Pentagon Federal Credit Union on this short sale. The 2nd and 3rd trusts did require the seller to bring $$ to closing, but luckily the incentive paid to the seller by Bank of America to help with relocation made it possible for that closing amount to be minimal. Here are the approval letters below for your research purposes. If you know anyone who needs our help trying to get out from under a mortgage he or she cannot afford, call me at (703) 774-9572 or email me at jennifer@jyhteam.com.

http://virginiashort2.wpengine.com/?attachment_id=3004

***Short Sale Ashburn – Bank of America, Navy Federal Credit Union & Pentagon Federal Credit Union Approve Short Sale in Ashburn, VA

Short Sale Expert Maryland – After a long battle with her lenders, Wells Fargo and USAA, our seller on Baldpate Court in Upper Marlboro, MD called us for help with a short sale, Her foreclosure date had been set for 2 weeks from the time she called us. We helped her build the short sale package and found a cash buyer, but Wells Fargo wouldn’t budge. So, we called our higher-up contacts and finally got a “yes” from the investor backing the existing mortgage. The home had extensive damage after sitting empty for a very long time, but an investor saw it’s potential and is paying $120,000 less than what is currently owed by the seller. Also of note on this file, USAA is actually going to issue a 1099C (cancellation of debt) on this sale…the first one we’ve ever seen from USAA! Here is the approval letter for your research:

Arlington Short Sale – We’re one step closer to closing on this great 1 Bdrm/ 1 Bath condo in the Summerwalk at Ballston complex in Arlington, VA. Our seller found himself upside-down with his lender, Suntrust, and wanted to sell to his tenant who was already living there. The rent his tenant was paying just did not cover the mortgage anymore, so we stepped in to facilitate a short sale. In this case, the 1st trust will be paid in full and the 2nd trust, also Suntrust, has agreed to take close to $47,000 less than owed. The 2nd trust has also agreed to waive deficiency rights to the unpaid balance. Needless to say, our seller is excited to have come this far and looks forward to closing this deal with us no later than December of 2013. This will allow him to take advantage of the Tax Debt Relief Act, which is scheduled to expire at the end of this year. For more info on this or anything else “short sale” related, call me at (703) 774-9572 or email Jennifer@jyhteam.com.

Here is the approval letter for your research purposes:

Learn what your options are to avoid foreclosure in Virginia by
watching this short 2 minute video.

Short Sale SOLD in Chantilly, VA – PNC Agrees to Waives Over $40K Deficiency!

Congrats to our clients who successfully sold their short sale in Walney Village with our team days ago. PNC Mortgage agreed to selling this town home for less than what our sellers owed after purchasing for $457,000 in 2005…we just sold their home for only $350,000 to match market values. Even with area values rising in the past year, we still haven’t gained enough in some locations. For more info on our we can help you or someone you know in this same situation, call me at (703) 774-9572 or email me.

Bank of America Short Sale Approved in Prince William County – Deficiency Rights Waived by BofA & Greentree!

We just received approval letters from Bank of America and Greentree on this short sale in Gainesville, VA – Parks At Piedmont South neighborhood. Our clients bought back in 2007 for $306,340, but we had to list it at current market value of $189,000. We’ve had numerous contracts fall through as we worked through the short sale process, but we now have a committed buyer and the short sale is scheduled to close next month or sooner. Here is the approval letter for your research purposes. If you know anyone that might need our help, call me at (703) 774-9572 or Email Me.

Congrats to our sellers who finally made it to closing on their distressed Condo in the Medinah Homes neighborhood of Sterling, VA! This was a tough negotiation that lasted over a year and a half, but in the end, our clients will be able to avoid paying taxes on their unpaid mortgage amount owed to Virtual Bank – thanks to the Mortgage Debt Forgiveness Act of 2007, which was extended through the end of 2013. To give you an idea of how important that relief will be to our sellers – they bought in 2005 for $545,000, but just had to sell for only $389,900. That’s a loss to the mortgage company of over $150,000. If you’d like more info on how the short sale process works or you know someone who might need our help, call me at (703) 774-9572 or email me .

9308 WARREN FALLS LN, BRISTOW, VA  4 beds/3.5 baths  $345,000

21841 BALDWIN SQ #301, STERLING, VA  2 beds/1.5 baths  $215,000

5924 FOUNDERS HILL DR #101, ALEXANDRIA, VA  2 beds/2 baths  $250,000

For more info on these listings or how we might be able to help someone you know that might need our help, call me at (703) 774-9572 or email me.

Here is the approval letter we received last week for this short sale on Bald Eagle in Chantilly/South Riding…our clients were happy to have a quick closing on this after waiting for the initial approval from the 1st trust, Residential Credit Solutions, to allow the short sale. Congrats to our sellers as they begin their new journey! They were granted deficiency waivers from both lenders in this case. If you’d like more info on how to short sale or would like to talk about other options available to you if you owe more on your home than you can sell for right now, call me at (703) 774-9572 or email me.

Chantilly Short Sale APPROVED by Residential Credit Solutions and Bank of America – Lenders Waived Deficiency!

This short sale in the South Riding/Chantilly area is headed to closing now that we have approval from the lenders involved- RCS (Residential Credit Solutions) and Bank of America. The sellers bought in 2006 for $632,847 but had to list the home for sale in today’s market for $414,900. Sellers did not have to sign a promissory note and they are bringing ZERO $$ to the table at closing! The lenders have also agreed to not go after the sellers for the additional $162,000 still owed on the mortgages after the sale is final (deficiency waiver)! We hope to see this one close before the end of the month. If you know anyone in this similar situation that we might be able to help, call me at (703) 774-9572 or email me. We’ve sold over 220 short sales so far…

We had a few exciting closings this week, one of which was this townhome in the Mount Vee Manor subdivision of Alexandria, VA. Our client owed over $378,000 and we negotiated with the 2 lenders involved (Greentree & PNC (servicer for E-Trade)) to sell for market value of only $270,000. Seller recently faced a hardship and we were able to secure an offer ASAP to start the short sale process. Below are the approval letters for your research purposes. Call me at (703) 774-9572 or email me if you think we might be able to help you or someone you know get free of an upside-down mortgage.

JYH Team Closes on Short Sale in Bristow, VA in 4 Months!

Lenders on this one were Citi and Wells Fargo. We listed it for sale in mid-March and it was under contract within 2 days. The home, which is in the New Bristow Village subdivision, was bought NEW by the sellers in 2005 for $635,505. Since then, the market had dropped and just SOLD it for $435,000. All deficiency rights were waived by lenders. Here are the approval letters. Call me at (703) 774-9572 or email me for more info on how I might be able to help you or someone you know with a quick short sale.

Luxury Short Sale SOLD in Leesburg, VA – Wells Fargo Grants Deficiency Waiver on Unpaid Mortgage Balance!

This short sale in the Woodlands subdivision in Leesburg took a total of 5 months from list to closing. The sellers were over $250,000 upside down on this home and needed sell ASAP because the mortgage payments were too simply too high for their recently reduced monthly income. The lenders on this sale were Wells Fargo and Green Tree. Congrats to our sellers who we helped find a great rental in a comparable area! If you know someone in this same situation or you need our help with selling your home, call me at (703) 774-9572 or email me.

Ocwen Agreed Within 30 Days to Settle on 1st & 2nd Mortgage for $60K Less Than What Was Owed! Short Sale SOLD in Woodbridge, VA 22192…

This townhome in The Glen subdivision of Woodbridge, VA was bought by our clients in 2005 for $345,000, but in today’s market it just sold with our team for $260,000. The homeowners faced a hardship and needed to sell fast. The servicer when the short sale started was GMAC, but it was later transferred to Ocwen. We built a new short sale package and secured a buyer and made it to closing. This short sale was approved through our professional negotiator within 30 Days! We’ve now sold over 225 short sales and we can help you too. Email me or call (703) 774-9572 for more info. Here is the approval letter on this file… 

Another Short Sale success in Manassas…this one in the Tudor Oaks subdivision. Our client owed more than $384,000, but in this market, had to sell for just $225,000. The lenders, Chase Mortgage and Greentree, have agreed to let the sellers walk away from the balance owed and they will not try to collect the debt. The sellers will also avoid taxes on that unpaid amount at the end of the year thanks to the Mortgage Debt Relief Act. For more info on how we can help you or someone you know do the same, call me at (703) 774-9572 or email me. Here are the approval letters for your research:

Another short sale approved in less than 30 days by JYH Team – this one in Bristow, VA!

There were 2 lenders involved in this negotiation in the New Bristow Village neighborhood: Chase Mortgage and Ocwen (which is buying up many of Bank of America and One West Bank’s distressed property portfolios). Both have agreed to sell short of what they are owed and have agreed to not go after the homeowner for unpaid balances. To give you an idea of the gravity of this, the seller bought for $723,835 in March 2006…but in today’s market, we had to list them for sale at $433,000. That’s a market loss of almost $300,000 in just 7 years. If you know of anyone in this situation that we can help, let us know at (703) 774-9572 or email me. Here are the approval letters for your research purposes:

Jennifer Young Homes team sells another condo as Short Sale in Arlington!

Congrats to our client who closed with us today on this short sale in Arlington. This one took some time to get to the finish line, but we made it. The lender was Nationstar Mortgage and all deficiency rights were waived. Here is the approval letter for your research. If you know anyone who might need our help getting out from under a mortgage they cannot afford, call me at (703) 774-9572 or email me.

Bloomberg News has been reporting, but my team is living it right now…DC Metro Prices are On the Rise!

To give you an example…I put two foreclosure properties on the market this week and in 24 hours they have 7 offers with many more coming in each day. This picture is of a bank owned property on Beverly Park Dr in Springfield. It’s listed for $249,900 and definitely needs work, but a great price for an investor. We’re seeing many all cash buyers in the marketplace. And each sale the prices keep going up.

It’s crazy out there and there is just not enough affordable inventory for our strong market. The recent interest rate increase hasn’t slowed down this market at all! Call us today if you need to list your home for sale. We’re seeing this trend in regular and short sales as well. We can get your home listed and under contract to facilitate a quick short sale negotiation with your bank.  There’s just not enough inventory and that can work in your favor…call me at (703) 774-9572 or email me at jennifer@jyhteam.com.

This sale took us over a year for numerous reasons, but we never stopped pushing and we got it to the finish line this month! This condo had unrepaired water damage when we took on the listing. The seller had moved out due to a hardship and we worked to find a buyer willing to secure a loan that would allow the need for repairs after closing. We found that buyer and as we headed to closing, we got the challenging news that the loan had been sold by Bank of America and there was a new servicer wanting all new info…Select Porfolio Servicing. After all this and more, we managed to get the sale to closing as a HAFA short sale and the seller received $3,000 in relocation assistance. They also secured a deficiency waiver for the seller, which relieves her of repayment of the total amount owed before closing, which was $406,000. We sold this home for $275,000 in the end. Congrats to our client and to the buyer, who got a great deal. Here is the approval info from SPS…if you know anyone who needs our help in this same type of situation, call me at (703) 774-9572 or email jennifer@jyhteam.com.

Our Clients Had to Move Out of State and Could Not Sell for What They Owed the Bank  – So They Decided to Short Sale with Jennifer Young Homes!

We’re one step closer to helping our clients get out from under a mortgage that they’re upside-down on in the Beauclaire Plantation neighborhood of Fredericksburg, VA. HSBC has agreed to sell for less than what they’re owed (thru the servicer on this file, Household Realty Corporation). This one has been a struggle, as the sellers needed to move out of state for work and they had faced a financial hardship recently. They tried a loan modification, but they were turned down. We’ve been successful in negotiations and are scheduled to close in mid-June. We even worked in a relocation assistance for the seller in the amount of $2,000 to be paid at closing. Here is the approval letter for this short sale. If you or anyone you know need help in a similar situation, feel free to call me at (703) 774-9572 or email me at me.

The lender on this short sale on Chesley Place in Woodbridge, VA was Citi Mortgage and we were able to get approval from them in under 30 days! Congrats to our sellers on this one. They had tried to do a loan modification, but were unsuccessful. They also worked very hard to stay current on their mortgage right up to the end. At the time we sold this home for them, about a week ago, they owed over $400,000, but were able to sell for just $285,000. Citi Mortgage agreed to short sale and waive all rights to the mortgage balance still owed…all they asked the seller to do is bring $1,500 to closing to finalize the deal.  Now on to a new chapter for our clients. If you know anyone who needs our help or has questions about the short sale process, have them call me at (703) 774-9572 or email me. Here is the approval letter on this sale:

Chase Mortgage Short Sale SOLD in Sterling, VA – HAFA Program Qualified Seller for $3,000 Relocation Assistance!

Great closing on Friday for our clients who were upside down on the value of this home in the Potomac Lakes neighborhood of Sterling, VA. They owed over $458,000 at the time we listed. The home just sold for $399,999, with no seller subsidies. The lenders on this deal were Chase Mortgage and Ocwen Loan Servicing. Here is the approval letter from Chase for research purposes. If I can help you or someone you know who needs our help, call (703) 774-9572 or email me.

3 Bed / 3.5 Bath in the Ashburn Farm neighborhood in Ashburn, VA – SHORT SALE

Our clients bought this home in 2005 for $406,000, but, as you know, the market remains down since then…prompting us to list the home for sale at $329,000. The lender on this one is Wells Fargo and there are 2 trusts involved. Theirs is an adjustable rate mortgage on the verge of adjusting, so they’ve asked us to help. If you know anyone in a similar situation that needs to sell because of a hardship or job relocation, call me at (703) 774-9572 or email Jennifer@jyhteam.com.

Jennifer Young Homes just listed this condo for sale in the Parks At Piedmont South as a short sale. The active duty military owner was relocated recently after PCSing to another state. She tried to work with her bank, but had no luck. We are working hard to help her obtain a deficiency waiver from her lender and sell this home as fast as possible in Gainesville, VA.

3 Bedrooms  2.5 Baths  1 Car Garage  $189,000. Call today for a showing at 703-674-1777 or email me. For more info, go to our website at http://idx.searchfornorthernvirginiahomes.com/idx/9321/details.php?idxID=089&listingID=PW8047202

Another Bank of America Co-Op Short Sale Program client is scheduled to close with the Jennifer Young Homes team next month! Have you heard of this program where the seller can ask for relocation assistance? Our client in this case has been over a year late on their mortgage payments due to a financial hardship. They found us online and we were able to walk them through the co-op application process. This was great news, considering they had, unfortunately, already been ripped off by a company out of California for over $3,000 in up front fees for help with their home. We are so glad they found us and we’ve been able to work with them on this short sale. Our clients bought this home in 2005 for $432,000. We have it listed at market value of $305,600. Bank of America has agreed to let them walk away from owing the unpaid mortgage balance AND they’re waiving rights to the deficiency at a later date. Here is the approval letter for your research. If we can help you or someone you know, call us at (703) 774-9572 or email me.

Jennifer Young Homes – Chantilly, VA Short Sale Approved by Specialized Loan Servicing – Deficiency Rights Waived!

Sometimes we have sellers who are right on the edge of being able to sell their home and pay off their mortgage(s), but they simply don’t have the full equity needed to sell and be free. In this case, our sellers in South Riding (Chantilly) in the Ridings at Blue Springs neighborhood have 2 lenders for their mortgage. When selling, proceeds from the sale would pay off the 1st trust, but not the 2nd. So, we listed their home as a short sale and asked the 2nd trust, Specialized Loan Servicing, to approve the short sale by accepting less than they were owed. The 1st trust, which is GMAC, will be paid in full at closing. These clients of ours bought in the height of the market in 2006 for $780,000. The market dictated we list their home for sale at $650,000. On average, the 2nd trust in a situation like this will ask for 10% or more to settle on the loan. Here is the approval letter from SLS…if you have any questions about short sales or how we might be able to help you in a similar situation, call me at (703) 774-9572 or email me.

Don’t miss this new listing in the Between Hills subdivision of Purcellville, VA! This is a Wells Fargo short sale, being sold as-is:

3 Bed/3 Bath

List Price: $240,000

Seller Owes: $350,000

Call 703-674-1777 for showing today!!

 1571-A Van Dorn St N, Alexandria, VA 22304

3 Bed/2.5 Bath Townhome in Parkside at Alexandria

$349,000

Call 703-674-1777 today for showing or to find out how we can help you.

Click here for property details…

We’re in our final steps of getting this luxury short sale in Noble Estates to closing thanks to a thumbs up from FHA and the lender, Wells Fargo! The sellers of this home on Tiffany Ct in Clifton had to relocate out of state because of work. They owe over $723,000 on their mortgage for this home, but market value dictated we list it for $668,000. The second mortgage is with BB&T and they have approved the short sale as well. Here is the approval letter from Wells Fargo. If you know anyone who needs our help, have them call me at (703) 774-9572 or email me.

Manassas, VA Short Sale SOLD! Wells Fargo Waives All Rights to Unpaid Mortgage Amount…Owed $358,570 – SOLD for $252,000!

Congrats to our sellers who sold this town home with us in the Mount Vernon Townes neighborhood of Manassas as a SHORT SALE! Our clients both had a Security Clearance to protect and the loan was a VA loan. They reported the short sale plan to their superiors and we listed it for sale at a market value of $280K. It eventually sold for $252K. Wells Fargo was the lender on this short sale and they agreed to the sale even though they were owed over $100,000 more than the sale price. Here is the approval letter from Wells Fargo. If you know anyone who might need our help, just have them call me at (703) 774-9572 or email me. 

B of A has recently implemented a faster way to consider clients for the Co-op program while sellers are still working on their short sale paperwork. Simply call Bank of America at 866-880-1232 and tell them that you are about to start a short sale and want to be considered for the B of A cooperative short sale program. They may try to push HAFA, but focus on the co-op program because, if they approve you, they will pay more $$ in relocation assistance and we have always seen them waive deficiency rights as well. They will quickly pre-screen you for Co-op and if you don’t qualify then we will switch to HAFA consideration. Below is what they will ask:

1) Is this your primary residence?

2) Are you relocating for military orders?

3) Do you have an offer? (not yet but will soon)

4) Do you have a Realtor? (yes- Jennifer Young (703) 774-9572 and jennifer@jyhteam.com) this is how they find us through Equator so we can more quickly get started on your file.

5) Has the BPO appraisal been ordered? (no and we would like that to be done)

Posted to: MND NewsWire
Thursday, February 28, 2013

Nearly one million properties that were either bank-owned (REO) or in some stage of foreclosure sold to new owners in 2012 according to RealtyTrac’s year-end report.  The short sale portion of distressed sales continued to increase while REO sales declined.

There were 498,122 REO residential properties sold to third parties in 2012, a 15 percent decrease from 2011 and down 19 percent from 2010.  These sales accounted for 11 percent of the residential market compared to 13 percent and 16 percent of the two prior years.  Third parties bought 449,873 houses that were in pre-foreclosure status (primarily short sales in which the lender took less to release its lien than the balance of the mortgage), a six percent increase from 2011 and nearly equaling the record number of 454,111 pre-foreclosure sales in 2010.  The combined total of 947,995 distressed properties (6 percent fewer than the prior year) that sold in 2012 constituted 21 percent of the residential sales market compared to 23 percent in 2011 and 28 percent in 2010.

In addition RealtyTrac said that 22 percent of residential sales during the year were of properties that sold as short sales but were not in foreclosure.  The company did not explain how they arrived at this number but said that this brought the market share of distressed properties to 43 percent and that these sales increased by 4 percent year-over-year.

For more info on distressed properties or how we can help you sell your short sale this year, call me (703) 774-9572 or email me.

We’ve just seen a huge wave of loan documents coming across informing us that servicing has been switched to Ocwen Loan Servicing, LLC. Just recently Ocwen bought the servicing rights of a huge portfolio of loans and homeowners across the country are receiving notices. If you’re in a short sale currently or considering a short sale in Virginia, Maryland or DC, call me at (703) 774-9572 or email me. I can walk you through the process. Ocwen is actually a great company to work with in our experience, but be aware that they will not consider a short sale without a ratified offer in place. And even if you have short sale paperwork in place with your past servicer, you’ll need to fill out Ocwen’s package to continue on with the transaction. It should not slow the process down though.

If you’d like to view the package they use, here is a link to their file online.

https://www.ocwencustomers.com/oc/documents/pdf/ShortSalePackage.pdf

We just listed this luxury home on Bonnie Ridge in Potomac Station in  Leesburg, VA! Enjoy 5 bedrooms, 3 full baths and 2 half baths in this sought after neighborhood for $550,000. Our client bought this home in 2007 for $647,500 and now must relocate for work and is working with us on a short sale. We’ve closed more than 200 short sales so far, so call us today if you’d like to schedule a showing of this home 703-674-1777 or email jyhteam@gmail.com.

Another Short Sale SOLD by Jennifer Young Homes in the Penderbrook Square condo neighborhood of Fairfax, VA! Condos are always a tough sell with limits on types of loans available to buyers at the time of sale and other condo fees involved. But…fact is, we’ve become the experts at condo short sales and here’s just another that we managed to get approval on in less than 30 days from 2 different trusts. This sale involved Rushmore Financial and Specialized Loan Servicing. Both agreed to waive deficiency rights to unpaid portions of the sellers mortgages, but not without a total of $9,000 in cash contributions. After all was said and done though, the seller, who paid just under $300K for this condo in 2006, walked away with a sale price of only $155,000. I can explain how all this works, just give me a call at (703) 774-9572 or email me at me.  Here are the approval letters for your research…

Congrats to our clients we helped with this short sale in Sterling, VA – it JUST SOLD! Our sellers bought this home in the Woodland Village subdivision in 2005 for $520,000. We just sold it for them at current market value of $350,000. The lenders agreed to that over $150K deficiency and waived their rights to go after the sellers for the unpaid balances. This is what we do! We also got them relocation assistance of $3,000 added to the deal. Contact me today (703) 774-9572 me about your options and how we might be able to help you. Every case and every lender is different, but we work hard for our sellers to help them start a new life. Here are the approval letters for this case:

Luxury Short Sale in Bristow, VA SOLD – Wells Fargo and Chase Mortgage Agree to Waive All Deficiency!

Congrats to our clients who just SOLD their short sale with us in the Braemar neighborhood of Bristow, VA! Our sellers bought in the height of the market for $569,500 and recently faced a hardship, forcing us to list at market value of $449,000. Both lenders in this case have agreed to accept less than they are owed and have stated they will not go after the seller for mortgage amounts not paid at closing. Here are the approval letters from Wells Fargo and Chase Mortgage. If you need more info on the short sale process or how we can help someone you know who’s in this situation, call me at (703) 774-9572 or email me at me.

Congrats to our clients who just closed on their short sale with us in Bristow, VA. The home was located in the Pembrooke neighborhood in Prince William County. Our sellers bought this home in 2006 for over $471,000, but were forced to sell for market value of only $320,000. Wells Fargo was the lender on both mortgages connected with this sale. The 2nd trust was a HELOC. Wells Fargo did insist on a $10K contribution to close and seller agreed. This is just one of our 6 SOLD short sales for February so far. More to come. Here are the approval letters for your research. If you would like more information on the short sale process or would like to talk about all your options before the Debt Tax Relief expires this year, call me at (703) 774-9572 or email me at jennifer@jyhteam.com.

Short Sale Debt Relief Extended for 2013!

WATCH THIS VIDEO from Jennifer Young

Section 202 of the just passed fiscal cliff bill is VERY good news for the housing market this morning…If you’re in the middle of a short sale or hoping to sell soon because you’re underwater, rest easy…sellers who now complete their short sale in 2013 will NOT  face a massive tax bill after the sale!

As part of the fiscal cliff deal, the Mortgage Debt Forgiveness Act of 2007 has been extended for one more year.  Under normal circumstances, debt forgiven as a result of a short sale or mortgage modification would be considered income for tax purposes.  As an example, if you owe $250,000 on your mortgage and your bank agrees to a $200,000 short sale, your $50,000 in debt is forgiven by the IRS.  Without last night’s extension of this law, you would be paying taxes on that $50,000 the next year. Here is the actual language from Sect 202 of the bill:

SEC. 202. EXTENSION OF EXCLUSION FROM GROSS INCOME OF DISCHARGE OF QUALIFIED PRINCIPAL RESIDENCE INDEBTEDNESS. IN GENERAL.—Subparagraph (E) of section 108(a)(1) is amended by striking ‘‘January 1, 2013’’ and inserting ‘‘January 1, 2014’’. 

(b) EFFECTIVE DATE.—The amendment made by this section shall apply to indebtedness discharged after December 31, 2012. 

This is an exciting update for our current and future clients. If you have any questions about the process, please feel free to give me a call at (703) 774-9572 or email me.

Centreville, VA Short Sale SOLD!

We closed this Bank of America/Wells Fargo Short Sale this week from the Crofton Commons neighborhood of Centreville. Our client walked away from owing over $330,000 after selling the home with Jennifer Young Homes for only $251,000. FYI, the home was listed at $245K, but BofA pushed buyer up to $251K to get their net proceeds from the sale. BofA also asked for a $500 cash contribution from our seller at closing. Here is the approval letter for your research. If I can help you or someone you know in a similar situation, call me at (703) 774-9572 or email me.

This was a tough case, as the seller had been 30 months late on the mortgage and an auction date WAS set. But, we listed fast and found a buyer…getting everything stopped in it’s tracks! Our client closed on this sale with us yesterday for over $200,000 less than what he paid for the home 6 years ago. The lenders involved in this short sale are the 1st trust, Bank of America, who has waived all deficiency rights after closing…and the 2nd trust, BB&T, who retained their rights to the unpaid balance of the 2nd mortgage. Also retaining their rights to an unpaid balance (dues) was the Belmont Community Association. We were successful in settling that bill and other dues for less than owed to the Belmont Country Club and the Southern Walk of Broadlands. Like I said…this was a tough one! Here are the approval letters for your research purposes below. If you have any questions, feel free to call me at (703) 774-9572 or email me.