Jennifer Young’s 139th Short Sale SOLD Today in Purcellville, VA – Lenders: One West Bank (Indymac) & Citi Mortgage

by Jennifer Young on May 16, 2012

Jennifer Young’s 139th Short Sale SOLD Today in Purcellville, VA! Lenders: One West Bank (Indymac) & Citi Mortgage

Congrats to our clients who sold their home in the Hirst Farm Neighborhood on Towering Oak Ct in Purcellville. This one was plagued by lender delays, repeat BPO requests and buyers who backed out, but we stayed with it and closed thanks to the patience of our sellers who will now walk away from their mortgages equaling over $750,000 (refinanced in 2006 – sold this week for $469K).

Here is the approval letter from One West Bank for your research purposes:

Call me at 703-400-6757 or email jennifer@jyhteam.com if you’d like to discuss your options.

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Fredericksburg, VA Short Sale SOLD by Jennifer Young Homes – Chase and Citi Mortgage Agree to Waive Deficiency Rights After Selling Short!

by Jennifer Young on May 10, 2012

Fredericksburg, VA Short Sale SOLD – Chase and Citi Mortgage Agree to Waive Deficiency Rights After Selling Short!

Congrats to our seller who bought this town home on Batley Court in Fredericksburg, VA in 2005 for $275,000 – but short sold with our team this week for a sale price of $135,000. We were able to negotiate a debt settlement with the 2nd trust (Citi Mortgage) outside of the short sale to move this file along faster. Both her 1st trust (Chase) and the 2nd trust agreed to waive rights to unpaid balances! If you know anyone who needs our help, call me at 703-400-6757 or email me at jennifer@jyhteam.com.

Hear from our client on this short sale…“The Jennifer Young team did a wonderful job of helping me with my short sale! They were very knowledgable about the short sale process and kept me updated on the status of my case. They worked so hard to make the deal happen and managed to negotiate a short sale deal for me with two different banks because I had a first and a second mortgage on the property. I would definitely recommend their services to others looking to complete a short sale!” a.w.

 

 

 

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Chantilly, VA Short Sale Approved by Bank of America – Deficiency Rights Waived After Short Sale of Condo!

by Jennifer Young on May 8, 2012

Chantilly, VA Short Sale Approved by Bank of America – Deficiency Rights Waived for Short Sale of Condo!

This seller was planning to file for bankruptcy but the bankruptcy attorney told her to try a short sale first with our team. We listed the property and quickly received an offer on 03/30/12. Bank of America investors requested seller to contribute $5,000 toward their loss and seller accepted.With everyone in agreement, the file has been approved and all deficiency rights have been waived!! Here is the approval letter. If you or someone you know needs our help with a short sale in Virginia, Maryland or DC, call me at 703-400-6757 or email me at jennifer@jyhteam.com.

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HSBC Short Sale SOLD in Centreville, VA – Sellers Says “Jennifer Young’s team is fantastic!”

by Jennifer Young on May 2, 2012

Short Sale SOLD in Centreville, VA – Short Sale Was Prompted by the Lender and Closed Quick

Congrats to our clients who we  just helped to close on their short sale on William Colin Ct in Centreville, VA today! The neighborhood is Stonegate at Faircrest Condos. I have to say, this one of the most efficient files I’ve ever worked. We received the complete short sale package on 02/03/12. Seller was advised directly by HSBC to try and short sale his property before jumping into a Deed in Lieu situation. So, seller contacted us after checking out other agents, he signed the listing agreement and then we sent it on to our contacts at HSBC. With the listing agreement in the system, the lender ordered the bpo/appraisal and we listed the property at the price dictated by HSBC. We received a ratified offer and everything went smoothly from there. On 02/28/12 the short sale was fully approved with all deficiency rights being waived. It’s always great to see the lenders be proactive in the best interest of their customers. Most stories we hear from homeowners involve their lender stonewalling them…some even say their lenders told them, “You signed the papers and got yourself into this, just pay your bills.” Of course, no one knew how much the market would fall. These sellers bought in 2005 for $355,000…and as you can see, the market dictated that it sell today for only $200,000. Thanks to HSBC and congrats to our clients as they start their new life journey.

See their comments to our team…”Jennifer Young’s team is fantastic! I have a growing family and needed to buy a bigger home. I was underwater in my current home and needed to short sale. I dealt with my bank on my own for two years and always got passed around or was never able to speak to anyone that could make decisions. Jennifer’s team knew exactly who to talk to at my bank and successfully negotiated our short sale with the best possible terms. They took care of everything. They have a team dedicated to selling short sale properties, and a person whose main focus is negotiating with banks. I wish I had gone to them sooner. They knew everything about the process. Jennifer’s team also helped me buy my new house. Her agents are very knowledgeable of the Northern Virginia are, and are aggressive at negotiating the best deal. I have been telling all my friends about Jennifer Young’s team. Thanks to them my family now has a bright future and the weight of an underwater property is off our shoulders.” C.F.

If you know anyone who needs our help, call me at 703-400-6757 or email me at jennifer@jyhteam.com. Here is the approval letter for research purposes:

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Nationstar Short Sale Approved in Culpeper, VA – 2nd Trust Also Approved by Bank of America

by Jennifer Young on May 1, 2012

We’re getting closer to closing this short sale on Tutts Mill in Culpeper, VA. The 1st trust is with Nationstar and the 2nd is with Bank of America. Both have agreed to short sale after a long negotiation process and all deficiency rights have been waived by the lenders. Here are the most updated approved letters. If you or anyone you know need our help in getting out from under an upside down mortgage, call me at 703-400-6757 or email jennifer@jyhteam.com.

 

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Short Sale Testimonial – “The Jennifer Young team pulled though, got approvals and made sure that we went to closing on time!”

by Jennifer Young on April 25, 2012

Thanks to our short sale client in Manassas, VA who sent in a review to www.Zillow.com today about our service. It was a pleasure to work with him on the sale of his home in Manassas. Here were his great remarks:

“This team worked constantly to get my house sold. They went above and beyond my expectations. It was a short sale with two mortgage companies and one of the mortgages got sold TWICE during the process…making everything much harder and longer. The overall process was almost 11 months long. The Jennifer Young team pulled though, got approvals and made sure that we went to closing on time! They never gave up…even when things were not looking very promising. Highly recommend them! Huge thanks to Leslie who did everything humanly possible to make this all happen!” c.f.

If you know anyone who needs our help, call me at 703-400-6757 or email jennifer@jyhteam.com.

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Bank of America Works to Streamline Short Sales – Be AWARE It Includes a 3rd Party Company & BofA Decides Price!

by Jennifer Young on April 21, 2012

Many homeowners who are upside down on their loan and having trouble making mortgage payments are getting phone calls from a company called Dignified Transition Solutions and being told about a new program called Streamlined Cooperative Short Sale Program…some of our callers are asking what this program is and what their options are.

Here are a few facts about the Company and the Bank of America program they offer:

-    The Streamline Cooperative Short Sale Program offers borrowers an opportunity to complete a short sale in a shorter than average time with very little paperwork required. Additionally, the borrower can receive a $2500 incentive from Bank of America to complete the Short Sale.  Reviews across the country are mixed.

-    To qualify for a Streamline Cooperative Short Sale from Bank of America you need to be selected by Bank of America and submit the appropriate agreement.

-    Dignified Transition Solutions is a privately held company that was started by former Bank of America executives and it hand picks real estate agents in the sellers market area to list short sales and, as a third party company, receives a portion of the sales proceeds…much like REO servicers that assign REO listings to area agents.

As it stands, if you receive a call from DTS, you have been tagged as a potential short sale client – but you do not have to work with DTS to short sale your home. Call me if you’d like to explore all your options concerning your mortgage nd find out how the system works. We can help at NO COST to you. I can be reached at 703-400-6757 or email jennifer@jyhteam.com. Our team has sold over 100 short sales in Virginia, Maryland and DC. Always be sure to ask how many short sales an agent has listed, under contract and/or sold in your area before hiring him or her.

 

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Fannie and Freddie Expected To Respond Faster to Short Sale Requests from Distressed Sellers

by Jennifer Young on April 20, 2012

(DSNews.com) Beginning June 15, real estate agents working with distressed homeowners whose loans are backed by Fannie Mae and Freddie Mac should expect to receive a decision on a short sale offer within 30-60 days. The new guidelines, released this week, are aimed at bringing greater transparency to the short sale process and expedite decisions related to these pre-foreclosure sales.

Not only is a short sale an effective foreclosure alternative when home retention is no longer an option, it also keeps homes occupied and helps to maintain stable communities, according to the Federal Housing Finance Agency (FHFA).

The GSEs’ new short sale timelines require servicers to make a decision within 30 days of receiving either an offer on a property under the companies’ traditional short sale programs or a completed Borrower Response Package (BRP) requesting short sale consideration, whether it’s through the federal government’s Home Affordable Foreclosure Alternative (HAFA) program or a GSE program.

If more than 30 days are needed, servicers must provide the borrower with weekly status updates and come to a decision no later than 60 days from the date the BRP or offer was received.

In the event a servicer makes a counteroffer, the borrower is expected to respond within five business days. The servicer must then respond within 10 business days of receiving the borrower’s response.

GSE servicers must comply with the new minimum communication time frames for all short sale evaluations conducted on or after June 15, 2012, although servicers are encouraged to begin implementing the new requirements sooner.

Last year Freddie Mac completed 45,623 short sales, a 140 percent increase since 2009. Fannie Mae’s short sale completions shot up by 101 percent over the same period, totaling around 79,800 in 2011.

To find out if your loan is backed by Fannie Mae or Freddie Mac, click on the links below:

Does Freddie Mac Back My Loan?

Does Fannie Mae Back My Loan?

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Manassas Park, VA Short Sale SOLD by JYH Team – Lenders on Investment Home Were JP Morgan Chase & Seterus

by Jennifer Young on April 17, 2012

Manassas Park, VA Short Sale SOLD by JYH Team – Lenders on Investment Home Were JP Morgan Chase & Seterus

Congrats to our clients who just closed on the short sale of their investment home at 9700 Elzey Place in Manassas Park, VA! The 1st Trust was with Seterus (www.seterus.com) and the 2nd was held by JP Morgan Chase. Both approved the short sale, with some special stipulations. Sellers were asked to bring some cash to closing, but little compared to full forgiven debt. Sellers bought the home in 2006 for over $343,000 – we just sold it at current market value of $146,162. That’s a difference of nearly $200,000. Here are the approval letters for your research purposes. Call me at 703-400-6757 or email me at jennifer@jyhteam.com if you or someone you know may need our help. For quick contact, my QR Code for Smart Phones is also attached here.

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Woodbridge, VA Short Sale SOLD by JYH Team – Bank of America Approved $2,500 in Relocation Assistance for Seller!

by Jennifer Young on April 15, 2012

Woodbridge, VA Short Sale SOLD by JYH Team – Bank of America Approved $2,500 in Relocation Assistance for Seller!

We closed on our client’s short sale yesterday on Cressida Place in Woodbridge, VA after an unexpectedly longer negotiation process with Bank of America. This one took 6 months, even though the lender had appraised the home ahead of time AND approved the sale price for a short payoff. Our client bought the home for over $313,000…we sold it for $180,000. (BofA originally wanted the home listed for $200,850.) In the end, we were able to secure $2,500 in relocation assistance for the seller, some of which they needed to use on unexpected costs, like past due HOA fees. BofA also agreed to waive deficiency rights. Congrats to our clients! For more info on this case or if you know anyone who needs our help, call me at 703-400-6757 or email jennifer@jyhteam.com . Here is a copy of the instructions sent to our seller when BofA first told them to list their home as a short sale.

Cressida Short Sale Instructions from BofA

 

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