Lake Ridge Virginia Real Estate Help For Sellers and Buyers

I got a call on Monday. The caller said "Peggy, I think I need to sell my home by short sale. Can you help me. " I asked what's going on.The caller explains that he had been working with his mortgage company for over ten months to modify his mortgage. The gentlemen lost his job last year. He is now working again however they are struggling trying to make ends meet.

Long story short, the bank returned a loan modification agreement in August 2010 and the payment was only reduced by a measly $100 a month! Yes you read that correctly, Ten month of faxing, federal expressing, emailing and communicating with the bank and the loan modification is a trial loan modification a reduced payment of $100 a month.

Now let's add insult to injury. The bank tacked on all the late payments, accrued interest and fee's and more than $30,000 was added to the back of the homeowners mortgage!

Now I ask you? How is this helping the distressed homeowner? It didn't.

So the caller said he was mad. "I bet he was mad!"

Unfortunately for him he received some bad advice. He thought if he didn't pay the payment they would listen to him. Folks, he signed loan modification paperwork. These are typically trial periods.

What happens next will scare the life out of you!

Fast forward to this Thursday. He finally realizes after interviewing several Realtors®,(including myself) that a Short Sale is his best option. He calls his bank to authorize his Realtor® of choice and the bank says, your home is scheduled for Foreclosure Auction Sale on November 29th . Sir you didn't pay your trial modification payment. You missed October payment and your November payment is already late. Sir, there is nothing we can do. Even if you got a full short sale package into us now with a  ratified contact, it takes a minimum of thirty days to upload a new short sale requests into our system. Sir, your house is going to be Foreclosed. He asked for a dollar amount they need to stop the foreclosure. She said, it's to late for that. You are out of time.

The family is in a panic and seeking legal advice from a top foreclosure attorney in our area.

FOLKS DO NOT WAIT OR THINK YOU CAN HANDLE THE BANKS ON YOUR OWN.

A Short Sale is a very good option for many who are in distress. You can recover from a short sale. You will need to rent for a few years, however you should be able to buy another home in the future.A foreclosure can affect everything for years to come and prevent you from owning a home for a long, long time. Please understand it takes time to sell your home.  Don't wait until the sheriff is at the front door knocking to call a Realtor® 

I'm only a phone call away, I've been helping homeowners in the Woodbridge area for decades, if I can't help you I will help you find someone that will. Let's talk call me 703-851-3085 or contact me by email 

Contact Peggy James or Erick Blackwelder  of Erick and Company of Exit 1st Choice Realty, Woodbridge VA. Realtors®, call 703-851-3085 (Peggy) or 703-590-2252 (Office).If you are a homeowner who has a home to sell, we have  buyers ready and waiting for nice homes to come on the market. Give us a call and we can "GET YOUR HOME SOLD FAST" to list your property for sale we service  Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Manassas, Manassas Park, Haymarket,Montclair, Dumfries, Occoquan, Dale City, Gainesville, Aquia Harbor, Garrisonville and Triangle area's . 
                                
         

 Today was a great day!

I was totally caught off guard today when I answered my cell phone and the caller identified himself as an appraiser that had been assigned to appraiser 2191 Mackenzie Place, in Woodbridge VA 22192.

                          "I asked who ordered the appraisal..he said Chevy Chase Bank!"

I can tell you this I almost jumped for JOY!  The short sale package I submitted to the bank went out less than two and a half weeks ago! The shear fact this was not a BPO ( Broker Price Opinion),this was a Certified Appraiser who would be determining the Fair Market Value was a great sign. The bank is not waisting any time, the file I submitted was a complete file ready for the Loss Specialist to process. If a Realtor sends in an incomplete file...the file will just be set aside on the back burner. I never want that to happen. It's so counter productive!

We also found out today that a Loss Specialist has been assigned to the case. That's a great sign.

Now regarding the second trust.It is a Line of Credit with Suntrust Bank. This bank has proved to be a very frustrating process. From what I run into,the call center only can give me one man's name and number to contact. His voice mail for two and half weeks not says it's full, and rolls you to the covering voice mail. Today at least the covering voice mail was not full. I left another message, with the Loan # and the call to action that I need to talk with someone about my clients short sale package I submitted two weeks ago. So I wait...and wait, and 5pm rolls around and no return call.

I called the call center back to verify they have the seller authorization form uploaded into their system and to my shock the call center rep says," I'm sorry Mrs. James I do not see your name on this file, have you faxed the entire short sale package to Mr.Steve WXXXXXXXX at this number XXXXXXXXXX. I said yes I have another representative gave me his email last week. I have a receipt that the email was received. However I have nothing other than a time stamp that it was delivered to his email box. Could you please make a note in your file that I have sent the package three times now, and that to date, no one can help me help the distressed homeowners who hired me to help them. Ok, I have a headache! Tomorrow is another day!

We're early in the two loan short sale approval process....

"If you would like to read more about the process of how a Two Loan Short Sale is negotiated and how long the process takes read the related posts...and subscribe to my blog and follow along"

A Reality Blog Series About A Short Sale With Two Loans....Woodbridge Virginia

Reality Blog Series- How To Sell A Home By Short Sale With Two Loans In Woodbridge Virginia

Reality Blog Series- Short Sale With Two Loans- "The First Few Days!" Woodbridge VA

Reality Blog Series- Short Sale With Two Loans- "We Have Several Offers!" Woodbridge VA

Reality Blog Series- Short Sale With Two Loans- "Papers, Papers, Papers Everywhere!" Woodbridge VA

An Acurate Video That Shows The Frustrations Of Dealing With Banks!

Stay tuned for updates.......

If you have any questions about the process, please ask. If you are another Real Estate Professional who has had success getting a Short Sale Approved with Chevy Chase or Suntrust please let the reader know. Comment on below.

 If you are a homeowner reading this blog post and you know you are struggling and you can't make ends meet, pick up the phone. I do this for a living and I can help you figure out your options. You may even be able to do a loan modification.

Call Peggy James today at 703-851-3085

or contact me by email 

Contact Peggy James or Erick Blackwelder  of Erick and Company of Exit 1st Choice Realty, Woodbridge VA. Realtors®, call 703-851-3085 (Peggy) or 703-590-2252 (Office) to list your property for sale or to purchase a property in Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Manassas, Montclair, Dumfries, Occoquan, Dale City, Gainesville area's 

             Another Short Sale Approved! 

Back last September the owners of 1948 Rainbow Ct in Lake Ridge Virginia knew they were in trouble. The mortgage they had was adjusting to a much higher payment.

They tried to refinance, however home values had dropped so low. They paid over $300,000 for a home that is now only worth $139,000! They bought at the top of the market there was no way to recover. The worst part is they had lovingly renovated it from top to bottom. However that did not matter much in a declining market. They were at a loss and in a panic on what to do. Then the worst happened the payment adjusted and they started falling behind. They called the bank and tried to do get help. The mortgage company raised their payment higher for a few months until they were current. 

Where is the logic in that decision?                              

They used up their savings and used all available credit just to stay afloat. All the while the mortgage company continued to call and pressure them. They saw my previous post on Short Sales who can get one and decided to call me. They were ready to just walk away, however that would have been devastating for years to come. A foreclosure on your record will last for ten years or more.

So they decided to sell by Short Sale. We listed in October and they got an offer on December 4^th. Unfortunately the first buyer did not understand that short sales take longer than traditional real estate sales and withdrew their offer on 1/10/09. Because this house was in great condition, we quickly received another offer the next day. Buyers are anxiously searching for homes in the Lake Ridge Virginia area right now. 

The second Short Sale Contract was ratified on 1/11/09 and the sellers mortgage company just approved the short sale this week. So, as expected it took a full 60 day to get Saxon Mortgage Company to supply us with the Short Sale Approval Letter. The good news is the seller's nightmare ends in 30 days!

Selling by Short Sale is never easy...however they are worth doing if I can help you avoid foreclosure. If you are falling behind or your payment is about to adjust call me.

Now, if you don't want to loose your home. Then you may be able to qualify for a loan modification. Patty Blackwelder helps sellers in the area with Loan Modifications Read More

         Sell Your Home Fast

                   Visit Erick and Company.com for more information