Call us today to see this great home in the Kingsbridge neighborhood in Lovettsville, VA at 703-674-1777 or email jennifer@jyhteam.com. This is a short sale listing that won’t last long. We’ve sold over 200 short sales and we’re the experts at getting them to closing. Here is a link to more info.

Click the following URL to see the listing:
http://mrislistings.mris.com/DE.asp?k=2292001X4TC4&p=DE-188652476-601

This was our 9th Short Sale SOLD for the month! Our client’s bought this condo in the Watergate at Landmark complex in Alexandria in 2005 for $330,000, but they recently had to relocate for work. So, we listed and sold the home at the current market price of $192,500. The lender was PHH Mortgage and in exchange for agreeing to the short sale, they insisted the seller’s sign a 0% interest promissory note in the amount of $40,000. Here is the approval letter for you to see. If you know anyone who needs our help or you have questions about a specific lender’s habits, call me at (703) 774-9572 or email me.

We secured these 2 approvals in less than 30 days, but not without some tough negotiations! Our client bought this condo in the Penderbrook Square complex brand new in 2006 for just under $300,000. Forced to sell because of a hardship, we listed his condo at a current market price of $155,000. Both lenders agreed to the short sale, but not without cash from the seller up front. The 1st trust, Rushmore Financial, insisted on having $4,000 cash contribution from the seller, while the 2nd trust, Specialized Loan Servicing, requested a $5,000 initial payoff. We don’t see these requests very often, but as you know, each case is different. In the end though, both lenders agreed to release their rights to any more of the unpaid mortgage balances = deficiency waiver. Here are the letters for your research purposes. If you know anyone who needs our help, call me at (703) 774-9572 or email me.

Another major reason to get your home listed immediately by an experienced Short Sale Agent if you know a foreclosure date is set for your home…just applying for the Co-Op program through BofA no longer stops a foreclosure date. Only an accepted offer, along with a full executed short sale package, can stop the clock! Here’s what Bank of America released to their preferred Short Sale agents today…

As of January 15, 2013, there will no longer be a temporary foreclosure hold during the Cooperative Short Sale property marketing phase. We may begin or continue the foreclosure process up until a submitted offer to purchase the property is approved by all relevant parties.  Any existing short sale will not be impacted by this change.

For more information about the Bank of America Co-Op Program or how we can help someone you know who owes more than what they can sell for in this market, call me at (703) 774-9572 or email me at jennifer@jyhteam.com. We just had another one of our short sale clients, who is under contract, get qualified for $12,000 in relocation assistance through this new program!

We work with a number of bankruptcy attorneys serving Virginia, Maryland and DC…and like them, we get asked the following question constantly…”Why should I bother with a short sale after my bankruptcy is discharged?”

This is a great question since the discharge legally extinguishes all personal liability of the borrower(s). But, at the same time, a short sale can be a great 2nd step, especially if the property is vacant.  We find that it gives the bankruptcy client peace of mind to get their name off of the title rather than wait an endless amount of time for the property to be foreclosed on.  Also, seller(s) are not required to give any financial information during the process since they are protected under the bankruptcy law, although we do see lenders asking for financials anyway. For more information on this process or if you need a bankruptcy attorney referral, call me at (703) 774-9572 or email me at me.

**The above information is not given as legal advice. If you have legal questions, please contact your attorney.

We’re headed to closing on this beautiful, luxury home in the Braemar subdivision 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.

Going through a short sale is tough and time consuming. It’s also an incredible opportunity to start fresh if you have an experienced short sale agent. The biggest question once we get a client to closing on their short sale is, “How long before I can buy again?” The answer is different for everyone, but here is what a lender told me this week about qualifications for short sale sellers:

Rules say, you can purchase immediately IF there were no late payments in the last 12 months prior to the short sale.  If there was a late payment, it is 2 years with a 20% down payment or 3 years with a less than a 20% down payment. 

from Mike Farrell, Vice President, Residential Lending
First Home Mortgage Corporation Office: 571-399-5363 Cell: 571.214.6460

So ask your lender today if you qualify to buy again and when?? For any questions about short sales, call me at (703) 774-9572 or email me.

On December 18, 2012, Bank of America released a notice indicating that the Fannie Mae and Freddie Mac HAFA Short Sale program WAS EXPIRING as of December 31, 2012. This was misleading to many, so here is a quick explanation, as HAFA is still alive and well.

Fact is, there are 3 versions of HAFA – the Treasury version, the Fannie Mae version and the Freddie Mac Version.  And, all three had major differences which caused confusion and complications when it came to getting to closing.

Bank of America was talking about the Fannie Mae and Freddie Mac HAFA programs which were expiring because they had already released their new HAFA II/Standard Short Sale Program guidelines during the summer with changes to become effective November 1, 2012.   The changes made to their programs streamlined the program and brought their guidelines in line with each other.

The Treasury Department has now released their changes to their HAFA program as well in an effort to bring their version more in line with Fannie and Freddie’s new streamlined versions.

Here are three major changes to the Treasury version of the HAFA program:

1. Borrowers who are 90 days or more delinquent and have a FICO (credit) score below 620 will be deemed to have a “pre-determined” hardship therefore Servicers will not be required to further validate the hardship in order to approve the short sale.
2. The maximum amount available to pay off subordinate liens has been increased to $8,500.00.
3. The amount of time a Servicer has to respond to a request for a HAFA short sale has been cut to 30 days.

Hope this helps. If you would like to learn more about whether you qualify for HAFA or a standard short sale with any lender, call me at (703) 774-9572 or email jennifer@jyhteam.com.

Short Sale of Town Home Approved in Ashburn, VA Through Jennifer Young Homes Team! Lenders: Bank of America and BB&T

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 bought this home 6 years ago for $629K and we now have it listed for sale for market value of just $419,000. 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 are still trying to keep their rights to the unpaid balance of the 2 mortgage, but we’re still fighting for them to waive those rights. 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.

American Home Mortgage (Homeward Residential) and PNC Bank Short Sale SOLD in Sterling, VA – All Deficiency Rights Waived!

This will be the 4th short sale we’ve sold for this investor client in Virginia and Maryland this year. Congrats to him on the sale of this great town home in the  Medinah Homes neighborhood on Scotsborough Sq in Sterling, VA! The lenders for this sale were American Home Mortgage (Homeward Residential) and PNC Bank. Both agreed to the short sale and we closed last week. You’ll see in the approval letters here that the second mortgage (PNC) was owed over $80,000, but accepted around $15K. Remember, the tax relief for short sale sellers was extended for 2013, so call me if you’re upside down in your mortgage or you know anyone else who might need our help this year. Call (703) 774-9572 or email jennifer@jyhteam.com. Here are the letters for this one:

Short Sale Debt Relief Extended for 2013!

Just Listed in Clifton, VA – Short Sale on Ivakota for $629,000 – Great Luxury Opportunity!

Enjoy over 5 acres in the Clifton Ridge area of Clifton, VA. This home has so many updates, not enough space to list them all. There’s also a barn, stream on back of property and a great updated kitchen. Call for a showing or more info today at 703-674-1777 or email me. Lenders involved in this short sale are HSBC and Chase Mortgage.

Centreville, VA Short Sale Approved by Bank of America…Seller Was Overseas and Needed to Sell Fast!

Bank of America agreed to this short sale in the Crofton Commons neighborhood of Centreville this week. Our client bought this townhome in 2005 for $365,000, but was forced to list for sale at only $245,000.  BofA treats each short sale file differently and with this one, they asked for a $500 cash contribution from the seller at closing. The home must now close by the 1st of February 2013. 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.

Client Bought New Condo in Woodbridge in 2005 for $400,000 – We Just Closed His Successful Short Sale for Only $195,000??

I end that with a question mark because it still amazes me just how upside down our clients can be after buying at the height of the market! This client found us online, looking for a Bank of America short sale expert in Virginia. We listed his condo immediately and now he is able to walk away owing nothing to BofA and move to Florida to RETIRE! Congrats to him and to the buyers of this condo in the River Club 1 at Belmont complex. If you’d like to learn more about the short sale process or know someone who needs our help in Virginia, Maryland or DC…call me at (703) 774-9572 or email jennifer@jyhteam.com. Here is the approval letter on this case:

HAFA Short Sale SOLD in Hagerstown, MD – Bank of America Waives Deficiency and Gives $3,000 to Sellers!

Congrats to our clients who just sold this Hagerstown Luxury Home in Black Rock Estates with our team AFTER buying with us in another area closer to work!  This home was purchased in 2003 for $465,000, but due to market conditions, we were forced to list and sell it days ago for just $380,000. The lender was Bank of America and they agreed to use the HAFA program, give the sellers $3,000 in relocation assistance and waive all rights to the unpaid balance of the seller’s mortgage. This is a great neighborhood fighting some tough changes in the real estate market. If you need to move or make a change soon and can’t imagine how you’ll sell for what you owe, call me. My team can help! Call me at (703) 774-9572 or email me at jennifer@jyhteam.com for more info. Here is the approval letter from this sale…

Another Bank of America “Cooperative” Short Sale w/ over $16,000 in Relocation Assistance to Seller – Warrenton, VA!

This was a second home for our client in Warrenton and he was forced to stop payments after his 5/1 interest only ARM loan with Bank of America kicked in recently. The payments were just too high. So, after finding us online and reading our blogs, he decided to list his home with us as a Short Sale for $383,200…when he bought the home for $579,000 in 2005. This is the Vint Hill neighborhood and we’re pleased we were able to help this client get out from under his upside down mortgage situation. If you know anyone we can serve in this way, call me at (703) 774-9572 or email jennifer@jyhteam.com . Here are the approval letters…notice that Bank of America demanded $15,000 of the clients relocation assistance be paid to the 2nd trust. Each case is different…

Manassas Short Sale Approved by Wells Fargo – Jennifer Young’s 56th Short Sale CONDO Listing Heads to Closing!

Congrats to our clients who’s short sale in the Stonington condo complex on Dylan Place in Manassas is headed to closing in the next couple of weeks! This is our clients’ 2nd home and one party is actually out of the country. They owe $192,000, but it is selling now after being listed for just $120,000. Wells Fargo has agreed to short sale the property and they are waiving all rights to the unpaid balance (deficiency waiver). This was a tough case due to disagreement on the value of the property, but we pushed forward with Wells Fargo and they are now on board. For more info on how this short sale process works or if you need my help in any way, feel free to call me at (703) 774-9572 or email jennifer@jyhteam.com. Here is a copy of the short sale approval letter for this sale…

OCWEN Short Sale Approved for Woodbridge, VA Condo – All Deficiency Rights Waived!

Another one of our listings in the Antietam Square neighborhood is headed to closing! This one is on Bordeaux Pl and involves a client needing to relocate, but could not sell for what they owed on the home. When they called us, they had 2 loans equaling over $229,500, but we are now selling with Ocwen’s approval for just above $100K. The approval letter attached here shows that Ocwen approves the deal (2 trusts), will release the remaining balance and promises not to pursue judgement after the fact on what was owed. Our client reached out to us because of worries over security clearance and how a foreclosure would stain that record needed for future employment. If you know someone with this same question, call me at (703) 774-9572 or email me and I can explain all options available!

We’re excited for our clients in the Lake Wilderness neighborhood of Spotsylvania, VA who just received word from Citi Mortgage and Wells Fargo that they will be able to short sale by the end of 2012! During the height of the market, our seller refinanced twice to remodel bathrooms and owed over $215,000 by the time she called us for help. We recently listed the home for sale at a price of $130,000 – it’s market value. Now we’re headed to closing and all lenders have agreed to a deficiency waiver. Here is the approval letter…call me at (703) 774-9572 or email me at me for more info on these lenders or the short sale process.

Our website has brought in quite a few out of area short sale clients looking for an expert in getting their short sale to closing, bringing nothing to the closing table and owing nothing to their lender. We partnered with a great agent in Moneta, VA on this short sale, which has now been approved by US Bank, set to close mid-December. The sellers will be walking away from a deficiency of over $140,000 and US Bank has agreed to never go after them for that balance. Here is the approval letter for your research needs… Short Sale Specialist Virginia …call me at (703) 774-9572 or email me at jennifer@jyhteam.com for more info on this process and how I might help you.

Congrats to our client short selling today in the Chantilly Park condo complex in Chantilly on Lightfoot St! This seller was referred to us by the bankruptcy attorney that we work with quite a bit,  “The Bolger Law Firm”. This seller was planning to file for bankruptcy but the bankruptcy attorney told her to try a short sale first. We listed the property on March 2012 and received an offer. BOA investors requested seller to contribute $5,000 toward their loss and seller accepted but soon after our seller changed her mind and we lost the buyers and had to go back on the market. Since May 2012 we worked hard – 4 times actually – to get our seller considered for the  HAFA program, but Bank of America denied her due to a 31% debt ratio. The seller eventually agreed to apply for the “traditional short sale program” with BofA. We re-started the file in mid August and 30 days later we got it approved with all deficiency rights being waived. We closed on this home today and we are so excited for our client. Thank you for trusting us on this sale! Here is the approval letter below. If you’d like more information on short sales and how the process works, call me at (703) 774-9572 or email me.

Bank of America Paid Our Short Sale Client Over $28,000 in Relocation Assistance! Luxury Short Sale SOLD in South Riding, VA

We certainly hope to see more of these…the Bank of America Co-Op Program for Short Sales! Typically BofA will work to get a seller approved for the HAFA program first and then if those numbers don’t work out, they move their borrower to this program, where in most cases, the seller’s agent can negotiate relocation assistance. On this sale, we were able to get our clients over $28,000 at closing. It’s amazing and I’m happy to explain if you’d like to call (703) 774-9572 or email me ASAP!

Short Sale of Condo in Woodbridge, VA Approved by Bank of America – Deficiency of $140K Waived!

This condo was bought by our client brand new in 2005…part of the River Club 1 at Belmont complex. The purchase price was over $400,000, but we listed it for our seller at market price of $200,000. Bank of America has agreed to the short sale and is waiving rights to the remainder of what’s owed by our client – $140,000. If you look at the approval letter, you’ll see some new language they’re using to ease the worries of short sellers who are concerned about still owing money after the sale is final. They are now saying, in this case in paragraph 2, that they will not sell or transfer the unpaid debt to a 3rd party. Here is the letter for your review. Call (703) 774-9572 or email me if you know anyone who might need my help.

Congrats to our client, who just SOLD their town home with us as a short sale this week in the Fox Chase neighborhood in Leesburg, VA. Our seller called us back in March about a short sale after finding us online. They owed over $210,000, but Sold for just $139,000. Both lenders, Citi Mortgage and Bank of America have approved the short sale now and waived deficiency rights. Here are the approval letters for your research. If you know anyone who needs our help or has questions about the short sale process, call me at (703) 774-9572 or email me at me.

We excited about another successful short sale in South Riding…this one in the Cedar Hunt neighborhood. Our seller had recently faced a hardship and owed almost $160,000 more than what their home could sell for currently. They bought in 2005 for $881,153…we sold it this week for $640,000. The lender in this case is Citi Mortgage. All deficiency rights were waived! For more information on how to the short sale system works or you know someone who might need our help, call me at (703) 774-9572 or email me at me. I’ve sold more than 185 short sales in Virginia and Maryland!

This one is headed to closing – barring any last minute issues. Our client, who listed their home with us in the Fox Chase neighborhood in Leesburg, VA called us back in March about a short sale after finding us online. They owe over $210,000, but the market dictated we list for sale at $139K. Both lenders, Citi Mortgage and Bank of America have approved the short sale now and waived deficiency rights. Here are the approval letters for your research. If you know anyone who needs our help or has questions about the short sale process, call me at (703) 774-9572 or email me at me.

Only 2 months after listing this short sale, we have received approval from Wells Fargo to close ASAP! We’re seeing this type of speed a lot lately. Lenders are working overtime to clear their red files before the end of the year. This home on Nutting Drive in the Ravensworth neighborhood of Springfield, VA was purchased by our clients in 2003, but they pulled equity out during the height of the market, as many homeowners did, and they are now upside-down. We tried this one as a HAFA short sale, but it was kicked back due to an unfavorable loan balance ratio. For more info on this type of short sale process, call me at (703) 774-9572 or email me at me.

New guidelines go into effect Nov. 1, 2012 that will permit a homeowner with a Fannie Mae or Freddie Mac mortgage to sell their home in a short sale even if they are current on their mortgage if they have an eligible hardship. Servicers will be able to expedite processing a short sale for borrowers with hardships such as death of a borrower or co-borrower, divorce, disability, or relocation for a job without any additional approval from Fannie Mae or Freddie Mac. Here are the details:

According to an approval letter received on Oct 24th, Bank of America states it will not pursue the unpaid mortgage balance on our short sale of a condo bought in 2005 for $409,735 and recently listed for sale at current market value of only $195,000. This condo is located in the Chantilly Park complex on Lightfoot Street. Our sellers wanted to try the HAFA short sale program, but their gross income was more than 31% of the 1st trust mortgage payment each month. So, we went with a straight short sale and our clients will no longer be required to bring cash to the closing, their unpaid HOA dues will be paid by the lender and their deficiency has been waived! Congrats to our clients…and here is the approval letter below if you’d like to see details. Also, if you would like more info on this process or you know someone who might need our help – call me at (703) 774-9572 or email me at jennifer@jyhteam.com. You can also read through my short sale expert website at www.homerescuevirginia.com.

We successfully sold another Chase Mortgage short sale – this one in the Powells Run Village Condo Complex. Our active duty military client bought his condo on John Diskin Circle brand new in 2007 for $329,775, but we negotiated a sale price of $240,000. Here is the approval letter for you to review. If you know anyone who needs our help, call me at (703) 774-9572 or email me. We are experts in short sales, security clearance issues, deficiency waivers and more. Ask any agent when you interview them…”How many short sales have you sold in the last year?” Jennifer Young Homes has sold over 150!

How Long Must I Wait To Purchase After Short Sale or Foreclosure?
The real estate market is bouncing back after a long slumber. Analysts across the nation are becoming more optimistic that the rebound will be stronger than previously predicted now that it is gaining momentum….
Barclays Capital recently put out a report forecasting that home prices could be back to peak levels as soon as 2015. “In our view, the housing market had undergone a dramatic over-correction during the prior five years, resulting in pent-up demand,” said Stephen Kim…” CNN/Money
Many areas of the country, including Washington DC, are experiencing a shortage of listings because many are taking advantage of record low rates while prices are still affordable. The question we are hearing from many is –when can I purchase again if I have had a previous foreclosure or short-sale?
From theWall Street Journal… “Boomerang” buyers who waited out the period following foreclosure to be considered eligible for a mortgage account for a large number of new buyers. Moody’s Analytics says households that endured foreclosure and now may qualify rose to 729,000 in the second quarter and could hit 1.5 million by early 2014.
Every situation is different. The type of financing, amount of down payment, present credit situation and more will all factor into this determination. Individual lenders may handle each situation differently. We have taken the time to compile a table of agency guidelines on short-sales and foreclosures.
A few words of caution regarding these guidelines…
· Individual lender requirements may be more restrictive than governmental agencies, but cannot be less restrictive. In addition, if you are putting down less than 20% on a conventional loan, an applicant will also be subject to the guidelines of a private mortgage insurance company that may be more restrictive than Fannie Mae.
· The “effective date” of your foreclosure or short-sale may not be what you think it is. For example, if the bank has not filed the paperwork necessary to record the transaction – or did not do so on a timely basis – then the clock did not start ticking when it should have. We can verify your official transaction date. Just contact me and I will research the information and verify the correct date so you have it for your records
· Extenuating circumstances to shorten the minimum time frames are extremely restrictive as are the requirements for reestablishment of good credit. Circumstances may be limited to extreme circumstances such as death of one of the owners, uninsured illnesses or loss of employment
For more info on buying before or after a short sale, call Jennifer Young Homes at (703) 774-9572 or email me at me.

South Riding (Chantilly, VA) Short Sale SOLD in 4 Months – Active Duty Military Client Sells Short and Finds New Rental with JYH Team!

Another Wells Fargo short sale went to closing this week with our team. This home was in the South Riding neighborhood of Chantilly, VA. This is a popular area with a lot of newer homes bought in the height of the market. When our client found us online back in May, he had just come back from a deployment in Iraq and could no longer afford his mortgage payments – amount owed was $482,000. He was 90 days late at the time and had received an acceleration letter from his lender, Wells Fargo Mortgage. In an effort to be proactive, he listed his home as a short sale with our team and we were able to negotiate a sale price of $450,000 and a full deficiency waiver. This file, from listing to closing, took just over 4 months and we also helped our client find a new rental for his family. Congrats to our seller and we wish him well! If you’d like to talk about your options concerning your mortgage or you know someone who might need our help, call me at (703) 774-9572 or email me at me.

When we started this short sale file in the Olympus condo complex in Alexandria, VA a month ago, our clients were facing a short sale that included 2 trusts, a $25,000 HOA lien and a $10,000 tax lien.  They were also severely delinquent on their mortgages with Bank of America and Wells Fargo. Long story short – we marketed it heavily, received multiple offers that escalated up and before we moved forward with the short sale, I and my partner John Purvis negotiated with the client’s HOA and they agreed to accept a $3,000 payoff for the $25K  HOA lien and we are now selling this property as a regular sale next week! And more good news for the sellers… they will be closing with $6,000 in their pocket. We love to share these stories! Call me today if you need our help ay (703) 774-9572 or email me at jennifer@jyhteam.com

Congrats to our client who closed this successful short sale of their 2nd home with us in the Aquia Harbour area of Stafford this week. It took a full year to get this home sold due to continuous file turnovers by Bank of America, but we refused to give up and found a cash buyer willing to wait for final approvals and eventually closing! Thanks to everyone for their patience and congrats to our seller and the buyer. For more information concerning a Bank of America short sale or to talk about your options concerning any other lender, please call me at (703) 774-9572 or email me.

This one is being listed today in the Davis Estates neighborhood in Dumfries, VA (near Woodbridge, VA). Call today for a showing at (703) 662-5282.

4 bedrooms

3.5 baths

Over 3,000 Sq Ft w/ Finished Basement!

Built in 2005

Listed for Sale: $375,000

We just closed on this short sale in the Fox Point neighborhood in Fredericksburg, VA! Our sellers bought this home back in 2006 at the height of the market for $425,000, but we just sold it at current market value of $235,700. That’s a difference of over $180K! Both lenders, Ocwen and Seterus, agreed to short sale at this much lower price and have agreed not to go after the sellers for the difference of what they still owed at the time of closing. This active duty military client and family were able to close on this sale just as they were being PCSed to Italy. Congrats to them and the buyers who helped make this sale possible. Here are comments from our sellers after the sale: “Jennifer’s team was extremely knowledgeable and helpful through the whole short sale experience. They are very professional, and I would highly recommend them to anyone who needs to buy or sale a home. Thank you for making this stressful situation bearable!” 

For more info on the short sale process or this sale specifically, give me a call at (703) 774-9572 or email me at me.

Great story tonight…We listed this luxury home as a short sale less than 3 months ago and now we find out Bank of America will indeed pay our seller over $28,000 in relocation assistance if we can close by the end of November. They’ve even agreed to pay thousands in “buyer” closing costs and waive all deficiency. I’m finding this to be a new trend…called the “Co-op Program”. In a similar case, Bank of America just approved one of our clients for the same co-op program. They are current on their mortgage and it’s an investor owned property…and B of A is paying them $16K for relocation assistance and $3K to the tenants to relocate. This program is unreal!! Here is the approval letter for this home on Churchill Glen in Ridings at Blue Spring. Our clients paid $881,000 for their home in the height of the market…we are listed currently for just $683,900. Call me at (703) 774-9572 or email me at me if you know someone we might be able to help.

Another CHASE Mortgage Short Sale Approval in Woodbridge, VA for our team – this one in the Powells Run Village Condo Complex. Our client bought his condo on John Diskin Circle brand new in 2007 for $329,775. He is active duty military and recently received orders to move out of state. When he realized his condo could not possibly sell for what he owed, he called Chase and they discussed a short sale option. He found us online through this blog and we quickly listed his condo for current market value – $239,900. Chase has just approved the sale and agreed to waive their rights to the unpaid part of the mortgage by seller. Closing is expected for next month. Here is the approval letter for you to review. If you know anyone who needs our help, call me at (703) 774-9572 or email me.

We just closed this short sale in Waterford, VA (Loudoun County) – lender was Capital One. Purchased in 2006 for $675,000…we sold it for $445,000. That’s a difference of $230,000. The lender is waiving the deficiency, but they did ask the seller to sign a promissory note in the amount of $38K, which they agreed to do. Congrats to our sellers. If you know someone who needs our help, call me at (703) 774-9572 or email me at me.

We excited about another short sale approval in South Riding…this one in the Cedar Hunt neighborhood. Our seller had recently faced a hardship and owed almost $160,000 more than what their home could sell for currently. They bought in 2005 for $881,153…we’re listed now for $640,000. The lender in this case is Citi Mortgage. Closing is expected in the next 30 days. For more information on how to the short sale system works or you know someone who might need our help, call me at (703) 774-9572 or email me at me. I’ve sold more than 185 short sales in Virginia and Maryland!

I found this story and had to share…there is help for some who are underwater on their mortgage, but income is the key as usual. Check out this article from CNN this week:

NEW YORK (CNNMoney) — While millions of struggling homeowners have had to jump through all sorts of hoops trying to refinance their mortgages, Michelle and Bob Irwin barely had to lift a finger.

This summer, the couple received a letter from JPMorgan Chase, their mortgage servicer, informing them that it was going to slash the interest rate on their mortgage to 2.8% from their current rate of 6.5% for the next five years and then adjust it to a fixed 3.9% for the remaining 18-year term of their loan — a move that would reduce their payments by $229 a month.

The couple, one of thousands that Chase has sent similar letters to, had no idea they were even under consideration for new loan terms. And it couldn’t have come at a better time. The Irwins had fallen 20 months behind on their mortgage payments after Bob was laid off from his job at the local lumber mill in Darrington, Wash. The couple was about to lose their home.

Bob had found work as a commercial fisherman a year ago. And while the job entailed a lucrative crabbing season off the coast of California, the couple was still playing catch-up with their finances.

They had tried to work with Chase to get their payments reduced, but with very little income they couldn’t get approved for a mortgage modification and fell further behind.

So when the letter arrived, Michelle’s heart sank. “I saw a FedEx envelope on the porch from Chase and I thought, ‘Oh no, that can’t be good,'” she said. “Then I opened it and read it… I felt like I won the lottery. I ran out into the front yard, screaming like a kid.”

As part of the $25 billion mortgage settlement that was struck between the nation’s five biggest banks and the state attorneys general and federal government, Chase had pledged $4.2 billion in mortgage relief for tens of thousands of borrowers by either reducing the interest rate or the principal owed (or both) on their loans.

Under the settlement, banks get more credit for modifications that are completed in the first year so the banks are trying to move quickly. By the time the deal was approved in April, Chase had already put together a team to mine through its mortgage paperwork and identify candidates who met the modification guidelines. The borrowers’ loans had to be directly held by Chase, not divvied up among investors or backed by Fannie Mae or Freddie Mac. And many of the eligible borrowers also either had to be delinquent on their loans or owe far more on their homes than they were worth.

Chase identified thousands of borrowers who fit the bill and mailed them letters asking them to call the bank to discuss a modification of their loan, according to spokeswoman Amy Bonitatibus. Yet, getting customers to respond was more difficult than the bank thought. It heard back from only about half the customers it contacted.

Hoping to get more mortgages modified more quickly. Chase has streamlined the process. It now reworks the loan terms and simply lays out the new payment plan in a letter to its borrowers. The borrower sees the new rate, or how much principal has been taken off their balance, and what their new payments will be. All they have to do is sign the letter approving the new terms and send it back to the bank.

Congrats to our clients who just SOLD their luxury home with us in the Saratoga Hunt Neighborhood of Woodbridge, VA. The sellers bought this home in 2007 for $625,000. We just successfully sold it for current market value of $416,600 – that’s unfortunately a difference of over $200,000. The lenders were Wells Fargo and Greentree and both approved the short sale and will now report the mortgage balances “paid in full” and waive all rights to the unpaid $$. Congrats to our clients who had this to say about our service this week:

“It is with sincere appreciation and sheer relief that I write this note to express my thanks to Jennifer Young and her Team on a job well done! Jennifer Young Homes (JYH) is a top notch organization of TRUE professionals that gets the job done! As a military family, my wife and I contemplated the difficult decision to short sale our home and this was not a decision we took lightly. After contacting Jennifer, she explained in clear and concise details the short sale process, and was reassuring of this difficult choice we were considering. Her team immediately went into action and took total control of the situation and ensured we were well informed throughout the entire process. The administrative hand-off to other members on the TEAM at different stages of the short sale process was seamless. I can name each Team Member by first and last name because JYH’s process of engaging and keeping the homeowner informed is truly remarkable. The Team knows the short sale process and acted as our agent with the Lenders. To relinquish control and to not orchestrate such an important process personally is nerve-wrecking, but because of the complexity of the process you must relinquish the controls and you are in caring hands with Jennifer Young’s Team. As a client of JYH, your best interest is their top priority and they take this responsibility seriously. Do yourself a favor and call them. You will not be disappointed. We are extremely PLEASED with the outcome of our short sale process!!” e.b.

Here are the approval letters for research purposes. If you or anyone you know needs my help, call me at (703) 774-9572 or email me at me.

Our short sale client who just sold her condo with us at 3922 Penderview Dr in Fairfax, VA (Penderbrook Square) bought 5 years ago on an ARM and it had gone up to %7 interest rate. Her hardship was a relationship breakup situation and she simply could not afford the mortgage on hr own anymore. She tried with HAMP and HARP and was denied by both programs. So, she took control of the situation and listed her home for sale and we helped her apply for HAFA…days ago she closed on her home with us AND received $3,000 from the lender as an incentive!! In the end, our client owed $211,000, but sold for only $138,000. For more info on how we can help you or someone you know, call me at (703) 774-9572 or email me.

We closed on an unbelievable 9 short sales in the month of August!! These great clients of ours bought their home in 2007 for $290,000 but we just sold it for current market value – $176,000. This home was in the Point of Woods neighborhood in Manassas and the lender was Virginia Housing Development Authority (VHDA). This negotiation took 6 months total and VHDA would only agree to the short sale if the sellers would sign a Zero Percent promissory note for $50,000. The full deficiency amount was for over $110,000, so still a great option and definitely better than letting the home go to foreclosure. Here is the letter of approval and a copy of the promissory note for your research needs. Feel free to call or email if you know anyone who might need our help…(703) 774-9572 or me.

Congrats to our clients on their successful short sale with us in the Riverside Station neighborhood of Woodbridge, VA. They were excited to buy their town home in 2004 at a price of $380,000 – but this month we had to help them sell for only $250,000. Wells Fargo was their lender and they did ask for a $2,000 cash contribution from the sellers at closing as a sign of good faith. The best news was that we successfully negotiated with Wells Fargo to waive all deficiency rights on the loan. This sale took 5 months from start to finish and it’s not the first one we’ve sold in this neighborhood! Let us help you too. Call me at (703) 774-9572 or email me at me for more info.

Congrats to our client who we just closed with on their short sale in Middle River, MD after 8 months of working hard on the deal with Bank of America. This was a desirable area just Northeast of Baltimore off of I-95 in Twin River Beach neighborhood. When our clients bought this property in 2008 as an investment/rental home, they paid $170,000. We just sold it as a short sale for only $135,000. This is the 2nd investment home we’ve sold for our investor client in Maryland. We also have homes we’re short selling for them in Virginia. If you know anyone in this type of situation that we can help, call me at (703) 774-9572 or email me at jennifer@jyhteam.com.

Congrats to our sellers who just closed with us on their short sale in the Singletons Grove neighborhood of Centreville, VA. We began working with these sellers back in January, so it’s taken a little time – mainly because Wells Fargo insisted on selling at a higher price than comps dictated. But in the end, they got their appraisal numbers to match and actually agreed to pay 3% of the buyers closing costs (it was an FHA loan). Now, this one was a very common situation for some of our clients…unfortunately divorcing…but they had stayed current on their mortgage only to find themselves owing more on their mortgage than the home would sell for in our current market. It’s pretty tough to split things up when neither spouse wants to take on an upside down mortgage. In this case, the sellers owed $284,000, but it sold for $265,000. Not too far upside down, but enough to cause a hardship for the sellers. Wells Fargo did waive all rights to the extra amount owed on the home (deficiency) and the sellers were not asked to bring cash to closing. Here is the approval letter from Wells below. If you know anyone who might need our help or would like to know more about the short sale process, please fell free to call me at (703) 774-9572 or email me at me.

Another successful short sale Alexandria, VA…this one in The Plaza Condos on Howard St. Congrats to our seller who said he found us originally online by searching for a “short sale expert” and read our site and liked that we were a large real estate company that had sold more than 100 short sales at the time. The background on this situation, the owner lived full-time in NH but in 2007 found himself working in the Alexandria area more. So, he bought this condo and owed over $305,000 total to 2 lenders. Unfortunately, last year he lost his job in the area and had to move back to NH permanently and could not afford both mortgages. At the time we started his file, he was current on his mortgage, but eventually had to stop making payments and a foreclosure date was set by his lender. We moved fast and secured a buyer and the rest is history. The lender on this one was Wells Fargo and they waived all rights to the deficiency – after the condo sold for days ago for only $188,000. Our seller had this to say about our service at closing:

“The professionalism displayed by all members of the Jennifer Young Homes team was beyond reproach. Their commitment and dedication to their client was impressive and at all times kept their client abreast of any information pertinent to the sale. I doubt that any firm could have better represented their client and acted in their best interest. I highly recommend JYH team and would be first to say that if you need a firm to represent you in a short-sale, Jennifer Young Homes is the team that you need on your side. I wish to sincerely thank every member of the team for their outstanding representation and commitment to insure client satisfaction and unparalleled service.” J.M.

Here is the approval letter as well for more info…if you know anyone who might need our help, call me at (703) 774-9572 or email me at me.

Lake Ridge Short Sale SOLD – GMAC and Citi Mortgage Approve HAFA Short Sale and Waive All Deficiency Rights!

Congrats to our seller in the Lake Ridge neighborhood of Woodbridge, VA who just closed their HAFA short sale with us and received a $3,000 incentive! In this case, the sellers had been denied 3 times for a loan modification by GMAC and between GMAC and their 2nd mortgage lender, Citi Mortgage, they owed over $279,000 on their town home that just SOLD for $215,000. They had fallen 5 months behind on their mortgage after losing income and were receiving foreclosure letters – so we moved fast to get them listed and under contract. From start to finish on this one, the sale took 5 months. Congrats to our clients! Here are their comments about our service: “We were forced to sell our property via short sale. Jennifer’s team accomplished, what I was warned by other professionals, to impossible. They found a buyer, negotiated with both lenders and brought us through closing. Thank you for my peace of mind.”

If you or someone you know needs our help in a similar situation, call your #1 Short Sale agent in Virginia, Jennifer Young, at (703) 774-9572 or email me at me. Here is an approval letter for this one…

Congrats to our clients who closed on their short sale in the Pointe at Park C neighborhood in Alexandria, VA! This one was a surprisingly quick transaction. We received a nice, complete and detailed short sale package from our seller right off the bat (with all the necessary forms that the lender would ask for). Within 7 days we received a ratified offer and only 23 days later, the seller and buyer got full HAFA approval thanks to new adjusted guidelines released by the government on June 1st. The seller also received a $3,000 cash incentive. Great to see things getting more and more streamlined! If you’d like more info on how to short sale your home, email me at me or call (703) 774-9572.