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 4th. 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
Visit Erick and Company.com for more information
Find out what's for sale today in Woodbridge Virginia Click here
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Contact Peggy James or Erick Blackwelder of Erick and Company of Exit Choice Realty, Woodbridge VA. Realtors®, call 703-851-3085(Peggy) 703-590-2252 (Office).Give us a call and we can "GET YOUR HOME SOLD FAST"to list your property for sale we service Woodbridge, Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Manassas,Gainesville, Garrisonville and Triangle area's.Basically all of Prince William County Virginia. Manassas Park, Haymarket,Montclair, Dumfries, Quantico, Fort Belvior, Occoquan, Dale City.
