My Short Sale! Approved - Chase Mortgage

As most of you know, I was going through a short sale for sometime.  I bought an investment condo in Charlottesville at the height of the market and what do you know, it lost 90k in value. Not only did it lose value, but my rental income was decreasing and I started losing $5,000 a year.  And unfortunately I put $30,000 down on the property.  Poof gone!

I had to make a business decision and cut my losses. It made absolutely NO sense to keep the property. It would take 10+ years to just break even and I would not really be breaking even because I was losing $5,000 a year..

But I am happy to say I finally got my short sale approved and it closed in January 2012!

My mortgage was with Chase and I have a full deficiency waiver.

A short sale is honestly the best way to to go. I have helped numerous friends and family members complete short sales also. We would be honored to help you through your short sale.

See the approval letter here.

Strategic Short Sale ?!

What is a Strategic Short Sale?

       Not having a true hardship, other than the fact that your home is upside down in value.

After looking at all of our short sale cases since last year and talking with agents that do over a 150 short sales a year.  We came to the conclusion like them, you do not have to have a true hardship to do a short sale. We have helped many investors short sale their rental properties because it did not make financial sense anymore.  The same is true for homeowners.  You look around and everyone else is short selling their home, well you are now faced with a hard decision.  But this decision can impact your future forever.  Think about it.  You are basically renting your home right now.  Your mortgage payments may or may not be going up in the future.  You are not making a dent in the amount owed to the bank.  Are you going to stay in this home forever ?  The values of home sales that we saw in 2005-2007 are not coming back anytime soon and not in the next 10 years.  So your faced with a decision.   Yes there are other strategic options but the only one that makes sense at the end of the day, is short selling.

I had to make this strategic decision myself on my condo in Charlottesville, VA.  I bought at the height of the market.  There was supposed to be an extra 40k in equity in the condo, when I bought!  I even put a 30k downpayment on the property.  I now owed $110,000.   Well you know what happens next.  Rental prices are being forced down because of an influx in inventory.  Then the market crashed.  Now all of sudden, I am losing $5,000 a year on what is supposed to be making me money.  The condo is now worth 60k. I had to ask myself if taking a small hit on my credit was worth it to me.  $5,000 a year for 5-10 years, not including vacancy on my rental. And then I try to sell and im still under water ?  Nope not for me.

We have some awesome information on everything short sales on this website.  Take some time to get educated.  We know what its like to go through this short sale process. And we want to help you recover and start over fresh.  Your financial future is very important to us.

When your ready to see what the next step is.   Contact us for a free consultation over the phone.

Testimonials

Don't just take our word for it. See what our past clients are saying about our short sale team.  Click on the Testimonial page for the most recent testimonials.

Wells Fargo Citi Short Sale Approval Letter 2287 Hunters Run Drive Reston, VA

2287 Hunters Run Drive, Reston, VA Wells Fargo & Citi Mortgage Short Sale

We continue to be 100% in successfully completing short sales for our sellers.

We just got this short sale approved!! The seller was forgiven over 100k
http://www.my1245shortsale.com/

Quick Facts

Hardship: Upside Down on the mortgage, loss of renters

List Date: 9/02/2011
Contract Date: 10/12/2011
Approval Date: 11/17/2011
Close Date: 12/15/2011
Result: Full deficiency waiver for our seller.

The seller of this condo is a good friend of mine.  She bought at the height of the market, moved out the area and was renting it out at a loss. I explained to her what a short sale was and that its the best option for her. I highly recommend doing a short sale to my friends and family as well, as you can see here. Wells Fargo & Citi worked very fast for us on this short sale. As you can see, we had full approval on this short sale from Wells Fargo & Citi in 35 days!  Thats really good.  The better news is the seller was forgiven over 100k in deficiency that she would have had to pay the banks back.  Our seller bought this place and lived in it for a few years and then moved out.  After moving out she had renters in the property.  During this time she was losing money each month in addition to be upside down on her mortgage. Her renter broke his lease and she decided a short sale was her best option.

If you have any questions concerning Wells Fargo or Citi Mortgage Short Sales Contact Us. We have a proven record with Wells Fargo & Citi Mortgage Short Sales . We can help you with Wells Fargo or Citi Mortgage Short Sale in Virginia & Maryland.

Wells Fargo Approval Letter Click Here

Citi Mortgage Approval Letter Click Here



BOA Bank of America Short Sale Approval Letter, Penderbrook Square Fairfax, VA 12152 Penderview Terrace

BOA Bank of America Short Sale Approval Letter, Penderbrook Square Fairfax, VA 12152 Penderview Terrace - 2 bedroom condo. $173,000
We are now 29 for 29 in successfully completing short sales for our sellers.

We just got this short sale approved!!  The seller was forgiven over 100k
http://www.my1245shortsale.com/

Quick Facts

Hardship:  Upside Down on the mortgage, Home is to small

List Date: 7/08/2011 
Contract Date: 7/28/2011
Approval Date: 11/02/2011
Close Date: 11/10/2011
Result: Full deficiency waiver for our seller.

BOA short sale. Bank of America caused a few issues on this but actually it was the Mortgage Insurance company on the 2nd loan that was the issue.  So this took a little bit longer than normal. Basically if one of the loans has mortgage insurance, it can be tricky.  They have to approve the short sale also and they dont care if it goes to foreclosure because they have to pay the same amount in claims in a short sale or foreclosure. So they sometimes make unreasonable requests.  After fighting them for a couple weeks we came to terms on a small promissory note. Intially they wanted over $7,500 in cash contribution to go along with the promissory note, but we got them to waive that. The sellers were in fact forgiven over 100k in deficiency.  So we were pretty excited about this accomplishment.

If you have any questions concerning BOA Bank of America Short Sales Contact Us. We have a proven record with BOA Bank of America (Preforeclosure) Short Sales. We can help you with BOA Bank of America Short Sale in Virginia & Maryland.








Bank of America BOA Short Sale - Penderbrook Square 3918 Penderview Drive Fairfax

3918 Penderview Drive, Fairfax, VA 22033  -  Penderbrook Square - 1 bedroom condo. $143,000
Bank of America BOA

We are now 27 for 27 in successfully completing short sales for our sellers.
We just got this short sale approved in 36 days from contract!!  The seller was forgiven over 100k
http://www.my1245shortsale.com/

Quick Facts

Hardship: To Much Debt, Loss of renter, Upside Down on the mortgage

List Date: 9/1/2011 
Contract Date: 9/2/2011
Approval Date: 10/08/2011
Close Date: 11/10/11
Result: Full deficiency waiver for our seller.

BOA short sale. Bank of America was very quick and we had no issues.  They did initially send us an approval letter with the seller having to pay the bank back over 100k  but we negotiated and are having our seller contribute $1,300 to be forgiven and not pay the bank back!

If you have any questions concerning BOA Bank of America Short Sales Contact Us. We have a proven record with BOA Bank of America (Preforeclosure) Short Sales. We can help you with BOA Bank of America Short Sale in Virginia & Maryland.

We will be posting testimonial and the approval letter shortly


Acacia Wells Fargo Short Sale Approval Letter Penderbrook Square 12159 Penderview Terrace Fairfax, VA

We just got this short sale approved and closed  with Acacia and Wells Fargo!!! 12159 Penderview Terrace. October 14, 2011

http://www.my1245shortsale.com/



Quick Facts
Hardship: To Much Debt, Upside Down on the mortgage, place is to small
Days for Approval: We got this approval letter in 73 days from contract ratification.
Amount Forgiven: Over $100,000 and the seller does not have to pay the bank back!

We did not have any problems with Acacia or Wells Fargo.  We had some slight delays with both lenders but overcame both problems.  Acacia did not want to start the process, so we had to escalate to the president of Acacia to get him to move this file along.  Wells Fargo was fighting us because they believe our client could afford the place.  She could but she no longer wanted it as it was upside down. We negotiated and got both of these banks to full approve the short sale and waive the deficiency.
Here's the Acacia and Wells Fargo short sale approval letter. The banks states "The preforclosure sale may have an impact on your income taxes. You should consult with your tax preparation professional. Additionally this transaction will be reported to the credit bureau as 'Settled in full for less than total payoff.'" According to the tax attorney, this is a good letter. Since this was her primary residence, she will not have to pay taxes on the forgiven amount.

If you have any questions concerning Acacia and Wells Fargo Short Sales Contact Us. We have a proven record with Acacia and Wells Fargo (Preforeclosure) Short Sales. We can help you with Acacia and Wells Fargo Short Sales in Virginia & Maryland.


Cinderella's Ball - A Night To Remember

This past Saturday I had the privilege of taking my oldest daughter Kaylee to a Cinderella Ball (Father Daughter Dance) It was a local event with over 150 Fathers and their daughters attending.  It was a special time for us and others to spend this time with our girls and Kaylee loves dancing. 

During the event, I found out why this local church put the event on.  It was really neat to hear that the princesses and parents all volunteered their time for one main purpose.  To raise money for the poor children in DC who struggle to get their next meal.  The event was a success and raised over $4,500!

Our real estate team, the 12:45 Team have a big mission this year also and that's to give $20,000 back to the 3 charities we support.  We are really close to hitting this # and we could use your help.  We want to hear what organizations you support either with your time or money.  We want to help support them monetarily also.   Just email me back today to find out how we are willing to support organizations that you care deeply about.

natejohnson@1245team.com

- Nate



Your Credit After A Short Sale

Wow I am just speechless at the credit repair company the 12:45 Team is partnering with now. I am about to go through this program myself and we are putting some of our past clients through this program as we speak.

In a nutshell (yes this sounds to good to be true, but keep reading and then contact me asap)  this company will remove all negative items on your credit report!  That means once your short sale is completed and reported as a negative item on your credit report, this company will get it removed and your credit will be back to normal!

This is huge! We have always stressed to our clients to ask themselves, if you were forgiven over 100k and did not have to pay the bank back and were able to sell your home, how much was this worth to you to have a 18-24 month hit on your credit.  This honestly is the hold up for most people in doing a short sale.  Now you don't even have to worry about this. 

Contact me for more information about this.

We will also be keeping everyone updated on the progress of our past clients going through this program and we will have video testimonials :)

BOA Bank of America Short Sale Fairfax Ridge, Fairfax, VA Aristotle Drive

11375 Aristotle Drive, Fairfax, VA 22030  - Fairfax Ridge - 1 bedroom condo. $155,000

We just closed another Bank of America BOA short sale 9/15/11
http://www.my1245shortsale.com/



 
Quick Facts
Hardship: To Much Debt, Loss of renter, Upside Down on the mortgage
Days to close: 75 days

The seller was forgiven over 100k and does not have to pay the bank back. It took us 75 days from contract ratification to close on this Bank of America short sale.

We had no issues with Bank of America on this and we got them to accept this short sale very quickly. Most of the time we are able to get BOA to cave to our demands unless there is mortgage insurance, then its a little tougher.

If you have any questions concerning BOA Bank of America Short Sales Contact Us. We have a proven record with BOA Bank of America (Preforeclosure) Short Sales. We can help you with BOA Bank of America Short Sale in Virginia & Maryland.


The First 30 Days of a Short Sale

Watch this 3 minute video of the 3 most important steps in a short sale process.





What Happens To Your Credit?

So I was talking to some of our clients at one of the communities that we are doing a lot of short sales at and I am shocked at what I heard.

I found out that a meeting was held and the homeowners were given absolutely false information on what happens to their credit in a short sale. I am not sure who conducted the meeting, but this naturally would deter people from doing a short sale. 

So I wanted to fill our clients and future clients in on all the aspects of a short sale and their credit. 

If you don't believe what I am saying to be true, then I will give you the contact information to some of our past clients and you can ask them first hand!  So whats more reliable?  Someone that has gone through it or somebody trying to scare people away from doing short sales.

Short Sales = A better financial future for the homeowner.

I am a HUGE advocate for short sales. I have done one myself, I recommended and have helped my friends and family and we help many homeowners succussfully complete them. (27 for 27 with full deficiency waiver)

A few questions to ponder.

When you have a bad investment do you keep throwing money at it in hopes that it will be better or do you cut your losses, learn your lesson and start over?   A short sale allows you to start over fresh and rebuild your future. If you don't, then you will be paying hundreds of dollars more each month then you would be paying if you rented out your unit. And your stuck for the next 10-15 years until you break even. 

What do you need your credit for in the next 18-24 months?   Most of our clients are only taking a 100 point hit. Then if they use credit wisely, they start rebuilding it right away. We have had clients buy another place after 18 months of doing a short sale. We have also had clients buy cars right after a short sale. So eventually you will recover. 

How much is your credit score worth to you?  I asked myself the same question right before I did my short sale. Losing $5,000 a year for the next 10+ years was not worth the temporary 18-24 month hit on my credit.

Is it morally right to do a short sale?  I hear this a lot.  Our answer is, if you have a contract with the bank and they agree to change the terms of your contract, what is wrong with this?  Contracts can be renegotiated and changed in business all the time.  There is nothing wrong with that. So why would it be wrong to do this now?

It's a business decision!  In the end you have to look at it as a business decision. The banks are so why wouldn't you.  The banks are worried about their bottom line, so whatever they can do to minimize their losses they will do. You need to be worried about your financial future.  You did nothing wrong and did not make the economy tank and make your home lose value.  So now your faced with an option. Consider these questions and contact us for more information.

Email us
or call
703-725-2929







Acacia / Wells Fargo Short Sale Approval Letter Penderbrook Sq, Fairfax, VA 12159 Penderview Terrace

Acacia / Wells Fargo Short Sale Approval Letter Penderbrook Sq, Fairfax, VA 12159 Penderview Terrace

For Sale FAQ's visit
http://www.my1245shortsale.com/

Quick Facts

Hardship: To Much Debt, Upside Down on the mortgage

Days for Approval: 120 days to get the approval and we closed within 30 days.
Amount Forgiven: Over $100,000 and the seller does not have to pay the bank back!

The sellers decided to sign a small promissory note with Acacia instead of paying a cash contribution because money was tight. This is interest free and they have 10 years to pay it off.

Here's the Acacia and Wells Fargo short sale approval letter. The banks states "The preforclosure sale may have an impact on your income taxes. You should consult with your tax preparation professional. Additionally this transaction will be reported to the credit bureau as 'Settled in full for less than total payoff.'" According to the tax attorney, this is a good letter. Since this was her primary residence, she will not have to pay taxes on the forgiven amount.

If you have any questions concerning Acacia and Wells Fargo Short Sales Contact Us. We have a proven record with Acacia and Wells Fargo (Preforeclosure) Short Sales. We can help you with Acacia and Wells Fargo Short Sales in Virginia & Maryland.

Click Here for Acacia Approval Letter

Click Here for the rest of Wells Fargo Approval Letter


Bank of America Approved!!

We just got 2 of our current short sales approved this week!  Both were with Bank of America and had full deficiency forgiveness!  We will post the approval letters here soon. We are now 24 for 24 since last year.

If you know anyone with a Bank of America loan and they are thinking about short selling. Have them contact us.  We have also worked on short sales with almost every other bank also.

Short Sale Question

What has been your experience with the bank coming back and demanding full payment despite previous agreement?

First off, all of our sellers have been forgiven their deficiencies. We negotiate hard to make this happen. Usually a small cash contribution from the seller is required for this.  This amount is typically 2-4 months worth of mortgage payments. In the case we can't get a deficiency waived in the future, here is what you should do next.

(Here's the answer as it applies to VA. For states that are non-deficiency states, some of this won't apply.)
For the most part, many lenders are NOT going after the deficiency, although in many states they do have the right to do so in most cases; dependent upon the language of the short sale settlement/lien release letter and local laws. As you probably know, the primary goal of the short sale is to release the lien in order that we may sell the secured asset. If a deficiency judgment is issued on the balance, it's an unsecured debt - just like a credit card debt.
What some banks have been fond of doing these days is selling their ‘non-performing assets' to collection agencies. These are really considered in the industry as ‘uncollectable' debts, and so in most cases they are sold for roughly 2 cents to 10 cents on the dollar. For example, if a 30,000 debt is sold, it probably costs the purchaser $600 to $3,000. Most collection agencies are buying them in bulk at these low rates.

There are many routes you can take to deal with a deficiency judgment. Some options include the following:

Pay the Debt in full. You could choose to completely repay the deficiency over time.
Ignore. If you ignore the debt, it goes away eventually (7 years or so) but can be a nuisance in the meantime - with collector calls, etc.
Settle. Since you know the debt was purchased for such a small amount, settlement is always an option. I recommend you conduct all such settlement in writing (via email, fax or snail mail - back and forth). This will be a personal decision, weighted by many factors. There is doctrine that supports that settling debts actually can lower your credit score. Here are some article reference that may help: http://articles.moneycentral.msn.com/Banking/YourCreditRating/WhenPayingBillsCanHurtYourCredit.aspx
File Bankruptcy. Many homeowners exit the short sale transaction with a huge amount of ‘other' debt. For some, there doesn't seem to be another alternative but bankruptcy. If they do not wish to ignore the debt, and don't choose to settle, bankruptcy sometimes comes into play. Still, they have avoided the stigma and damage of a foreclosure and the bankruptcy will typically wipe off out all remaining unsecured debt.


Cenlar / Bayview / Fidelity & Trust Short Sale Approval Letter

We just got this short sale approved in 35 days!!!  It will be closing in less than 60 days from ratification.
http://www.my1245shortsale.com/

Quick Facts

Hardship: To Much Debt, Upside Down on the mortgage

Days for Approval: 35 days to get the approval and we closed within 60 days.
Amount Forgiven: Over $100,000 and the seller does not have to pay the bank back!

Cenlar / Bayview / Fidelty & Trust was great to work with and they moved the file along very quickly. This loan had Mortgage Insurance & an Investor.  Surprisingly they all agreed to short sale very quickly. We were able to bring a a cash offer

Here's the Cenlar / Bayview / Fidelty & Trust short sale approval letter. The banks states "The preforclosure sale may have an impact on your income taxes. You should consult with your tax preparation professional. Additionally this transaction will be reported to the credit bureau as 'Settled in full for less than total payoff.'" According to the tax attorney, this is a good letter. Since this was her primary residence, she will not have to pay taxes on the forgiven amount.

If you have any questions concerning Cenlar / Bayview / Fidelty & Trust Short Sales Contact Us. We have a proven record with Cenlar / Bayview / Fidelty & Trust (Preforeclosure) Short Sales. We can help you with Cenlar / Bayview / Fidelty & Trust Short Sales in Virginia & Maryland.



Mary Short Sales Her Condo with the 12:45 Team

Mary just closed on her short sale 7/14/11  We got the approval in 58 days!! and closed within 90.  Mary was forgiven over $130,000 and had a great experience with the 12:45 Team.  Its not uncommon to lose a buyer during the short sale process.  Some buyers change their mind about buying, can't get financing or find another place sooner. The buyer did walk on us here, but we were able to get another buyer within 2 days and close on the same date we were going to with the previous buyer!



Suntrust Bank Short Sale Approval Letter - 3909 Penderview Drive Penderbrook Sq Fairfax VA

Suntrust Bank Short Sale Approval Letter - 3909 Penderview Drive Penderbrook Sq Fairfax VA

For Short Sale FAQ's visit
http://www.my1245shortsale.com/

Quick Facts

Hardship:  To Much Debt, Upside Down on the mortgage

Days for Approval: 58 days to get the approval and we closed within 90 days.  We lost the first buyer but got another buyer ASAP and still closed within 90 days from ratification.

Amount Forgiven: Over $125,000 and the seller does not have to pay the bank back!

Suntrust was great to work with and they moved the file along very quickly. 

Here's the Suntrst Bank short sale approval letter. The banks states "The preforclosure sale may have an impact on your income taxes. You should consult with your tax preparation professional. Additionally this transaction will be reported to the credit bureau as 'Settled in full for less than total payoff.'" According to the attorney, this is a good letter. Since this was her primary residence, she will not have to pay taxes on the forgiven amount.

If you would like for us to refer a good short sale tax attorney to you. Contact us at Nate@1245team.com
If you have any questions concerning Suntrust Bank Short Sales Contact Us. We have a proven record with Suntrust Bank (Preforeclosure) Short Sales. We can help you with Suntrust Bank Short Sales in Virginia & Maryland.


Short Sale Update

7/12/11

We are holding a Open House / Happy Hour this Friday at our newest short sale listing in Penderbrook Square. 

3918 Penderview Drive #423 - 1bd/1ba
Friday July 15th - 5:30-7:30pm
Come on over for free food and drinks

If you know someone looking to buy or if you have short sale questions, come on over. If you just want free food and drinks, thats fine also!

We have two big short sale closings this week.  Our sellers are very excited to be done with the process. AND they were forgiven the debt owed to the bank.... phew

12:45 Team is staying really busy with short sales. We are listing 6 new short sales this month! and we still have half of July to go! Everyone else is doing it, why aren't you?

We are currently working with Bank of America, Suntrust, Wells Fargo, Acacia, Citi, Green Tree, Chase, and Cenlar. Our clients hardships are ranging from those that have security clearances and do not want to live in their home for the next 10 years, divorce, lost their job, the condo is to small, and an investment gone bad. Whatever the reason, we can help you throughout this very stressful time.

If you have any questions about short sales, contact us today.

FOLLOW THE STEPS OF A LIVE SHORT SALE

CLOSED 7/14 - 3 months from contract to close!! Congrats Mary

Are you still curious about short sales and what happens throughout the entire process ? Check back here weekly to see our progress on one of our current short sales. If you have any questions, Contact Us asap.

3/07/11 - Short Sale Packet delivered to owner
3/12/11 - Short Sale Packet completed and turned into agent
4/8/11 - Property listed on the market
4/10/11 - Property Under Contract (Ratified)

The first 30 days after contract ratification are VERY important in a short sale. The first 30 days are a success if we have our package accepted by the bank. A negotiator is assigned. And a BPO (Banks Appraisal) is completed. If we can get these done in the first 30 days. There is a really good chance we can have the short sale approved and closed in 90 days.

4/12/11 - Entire Short Sale Packet (100+ pages) sent to the lender
4/22/11 - Suntrust had problems receieving the short sale packet.  After faxing the packet every day, they received the packet today and assigned a negotiator!!  Next step is for them to do a BPO (appraisal of the property)
5/03/11 - BPO done !!

We just completed 75% of the short sale in less than 30 days.  Most agents can not get this done in 2-3 months. (The longer you draw out a short sale, the more likely foreclosure will happen) Next we will be making sure the BPO is within an acceptable range for the bank to accept our buyers offer. Then we will be negotiating with the negotiator to approve the short sale.

5/18/11 - We are negotiating with the negotiator.  The bank is determining their values for the property and at what price they will allow the short sale to go through at. More info soon.

5/24/11 - The file is with the mortgage insurance company. Once they approve the short sale, its a done deal. Alot of mortgages have insurance on them and this 3rd party has to agree to the short sale also.

5/27/11 - It turns out only the 2nd loan had mortgage insurance and not the 1st loan.  So we have approval for the 2nd loan, although details are still being worked out.  We are still waiting to negotiate terms on the 1st.

6/3/11 - Negotiator has submitted file for approval, We are CLOSE!

6/10/11- We have APPROVAL!!  Less than 60 days it took us on this one.  We are still working out some of the numbers on the approval letter but the Seller was forgiven their entire debt and only has to pay a $4,000 cash contribution.  She had stopped making her mortgage payments and for the last 3 months would have paid more than $4,000 for her mortgage payments.  Now the buyer has to get their financing in place and in 30-45 days we will close!

6/15/11 - Just another aspect of the short sale process.  Once you think your all done, something else pops up.  Our buyer walked. They were scared of buying a home.  So now we are working on getting another buyer. Good thing is we have 3 contracts we are looking at.  Once we choose one, we will have to negotiate with the bank to accept the new contract and close in July. The hardest part is done, getting the approval letter. Now we just have to get to closing with a new buyer. We will keep you posted.

6/19/11 - We got a new buyer for the property.  We are still scheduled to close July 15th!!  Seller is forgiven the deficiency and does not have to pay the bank back!!

7/14/11 - No problems and we closed!




Short Sales! Short Sales! Short Sales!

Our team is moving along really fast with our current short sales. If you recall by reading our blog, the first 30 days are really critical in hopes that we can get the approval letter in less than 90 days.

We have a Cenlar / Bayview / Fidelty & Trust / everyone owns this loan! short sale that we got the packet received, negotiator assigned and BPO done in less than 7 days!!  That is our fastest one yet.  We hope to have approval on this one in less than 60 days!

We have 3 short sales starting the begining of July and 3-4 starting in August. We should also have 3 more closed in July and we are working on 5 short sales right now.  We are also working with 2 couples who are able to buy a new bigger home and then short sale their current home. 

All of our short sales so far are being forgiven the deficiency and none of our sellers have been foreclosed on!

Short sales are tricky and you want the BEST representing you throughout this process. If you have any questions about short sales, please read our FAQ's section and then setup a time to chat with us on the phone. 

Short Sale Approval Letters


Check out some of our short sale letters below. We have successfully negotiated 19 of 19 short sales since last year! It is a very difficult and stressful time for these owners and once the process is all done, it is such a joy and relief for them to be done with it. It makes all the hard work and 3-5 months it takes to get them closed, worth it for us.


Short Sale Condo Sold -Chase
*Did not have to pay the bank back - Approval Letter Here

Short Sale Condo Sold -Citi Bank
*Did not have to pay the bank back - Approval Letter Here

Short Sale Townhome Sold -Wells Fargo
*Did not have to pay the bank back - Approval Letter Here

Short Sale Townhome Sold -Citi Bank
*Did not have to pay the bank back - Approval Letter Here

Short Sale Condo Sold - Bank of America
*Did not have to pay the bank back - Approval Letter Here

Short Sale Condo Sold -Chase
*Did not have to pay the bank back - Approval Letter Here


Short Sale Condo Sold -Chase
*Did not have to pay the bank back - Approval Letter Here


Short Sale Condo Sold -Bank of America
*Did not have to pay the bank back - Approval Letter Here

Short Sale Sold -Chase
*Did not have to pay the bank back - Approval Letter Here

Short Sale Sold -Citi
*Did not have to pay the bank back - Approval Letter Here

Short Sale Condo Sold -Bank of America
*Did not have to pay the bank back - Approval Letter Here

Short Sale Single Family Home Sold-PHH Mortgage
*Did not have to pay the bank back - Approval Letter Here

Short Sale Townhome Sold-EMC Mortgage Chase
*Did not have to pay the bank back - Approval Letter Here

Short Sale Condo Sold -Metlife Home Loans
*Did not have to pay the bank back - Approval Letter Here

Recent Short Sale Testimonial

Erik & Liana outgrew their townhome and wanted to buy a bigger home. They were able to buy a single family home and then short sale their townhome that was over 100k upside down.  They were very happy once the short sale finalized.



It's A Business Decision

In the last 2 months for Fairfax County and Arlington.  The banks have made 265 business decisions.  265 properties have been short sold. 

Why is this a business decision for them?

If the banks let these homes go to foreclosure and not accept the short sale, they will end up losing thousands of dollars more.  So a short sale is a business decision for them.

Why is this a business decision for you?

If you keep your property that is upside down, you will be wasting away your savings, not building equity, stuck in a home that you might not want to be in for the next 10-15 years and losing alot of money.  So you need to think like the banks and make a business decision. 

I had to ask myself before doing my short sale on my investment condo,  Can I keep losing 5k a year for the next 10 years & what do I need my credit score for in the next 18-24 months.  Done... time to short sale and start over.

Centreville Townhome Short Sale Sold ! Centreville, VA Real Estate

We just got closed our most difficult short sale to date !  The banks were Bank of America and Citi Bank. We honestly thought this was going to go to foreclosure.  But our team pulled it out.  If we can get this deal done, we are very confident we can get any deal done. Our clients bought the property a couple years back at $311,000 and sold it for $165,000.  They were forgiven over $155,000 !!! and do not have to pay it back.   We started this journey with this couple back in 2008.  The TH they owned was to small and they wanted to expand their family. They waited for almost 9 months, on a short sale to buy their dream single family home. Then once that was complete, they decided to short sale their small townhome. If you have any questions about short sales or you know someone that needs help, call me at 703-725-2929 or email me at natejohnson@kw.com Please also visit our websites http://www.myshortsalecondo.com/ and http://www.myshortsaletownhome.com/
Approval letters are being uploaded soon.





Weekly Short Sale Update




Fairfax Condo Short Sale Sold! Penderbrook Square Bank of America

This short sale just got approved and is closing the end of May.  We are now 18 for 18 with our short sales successfully being approved and closed.  The lender was Bank of America.  This short sale took 3 months from contract to close.  The seller bought the home for $277,000 in 2007 and the condo sold for $175,000. The seller was forgiven over 120k !! If you have any questions about short sales or you know someone that needs help, call me at 703-725-2929 or email me at natejohnson@kw.com  Please also visit our websites  http://www.myshortsalecondo.com/ and http://www.myshortsaletownhome.com/

To see the short sale approval for this condo Click Here  (coming soon)








What Our Clients Say

Client Testimonials:

Judy Short Sold Her Condo 
(She decided to not to waste away her savings on a property $80,000 upside down)




Joe & Rachael - First Time Home Buyers


Brian - First Time Home Buyer
He bought his home a year ago and still recommends the 12:45 Team.




Enuma - Short Sold Her Condo
Nate was the best! He had the condo under contract soon after it was listed. You could not find a better realtor to take you through the short sale process. The short sale process went through very smoothly. His team really had the entire process down so there were no surprises. There is no doubt that I would be working with Nate Johnson in any of my future real estate dealings. He knows the business!


Neil & Mary - Short Sold Their Townhome
Thanks for all your help guiding us the through the home sale. We were both very happy to finally get it all done. Although going through the short sale was not a fun process you helped make it bearable and keep us informed. We are more happy getting out of the house then we bought it.

Lisa - First Time Home Buyer
Most realtors are pushy. He wasn't at all. Yet always available/quick to reply with my questions, even after closing when he didn't have to care anymore.

Chris - Short Sold His Condo

The short sale was fairly simplistic once I understood all of the moving parts. There are some things you need to know up front or things to look for once you get the paperwork. But overall process went well. I would absolutely refer Nate to my friends and family

JD & Allison - First Time Home Buyers
We encountered the typical issues with a short sale: non-responsive bank, extremely long wait times. It was tough dealing with a low inventory market. Nate made everything else easy. Nate worked very hard to find the home that we wanted. We encountered some tough situations, but he kept us informed and walked us through the process. We will call him again when we start to expand our family.

Reston Townhome Short Sale SOLD Reston, VA Real Estate

This short sale just sold April 22.   This now makes us 16 for 16 with Short Sales. The lender was Ever Home Mortgage and First Tennessee Bank.  This short sale took 4 months from contract to close. The seller bought the home for $510,000 in 2007 but now it sold for $317,000.  We were able to stop foreclosure multiple times on this home and get it sold!  If you have any questions about short sales or you know someone that needs help, call me at 703-725-2929 or email me at natejohnson@kw.com  Please also visit our websites  http://www.myshortsalecondo.com/ and http://www.myshortsaletownhome.com/

To see the short sale approval for this condo Click Here




Homeowner's Frequently Asked Questions for Short Sales in Virginia

After reading these FAQ's, contact us to set up a phone interview, to see if a short sale is best for you.


What is a Short Sale?
In the world of Real Estate, a short sale refers to the sale of real property for an amount less than the amount owed on the property. In the short sale scenario, the bank agrees to accept less than the full balance due on the debt, and usually ‘forgives’ all or a large portion of the difference.

How will the Short Sale affect my credit?
Short Sales are still a relatively new concept. Banks have the option of submitting the short sale to the credit bureau as "Paid in Full" or "Settled for less than full balance". As far as your credit score is concerned, there is no evidence whatsoever to support that a short sale will lower your credit score. Some have the idea that this is like a bankruptcy or a foreclosure. That's far from the truth! In a short sale, the lender is simply allowing you to pay less than you owe!

If you are currently behind on your mortgage or facing foreclosure, the short sale will actually help your credit! How? Because once you are approved for the short sale, all collection activity will STOP and you will avoid foreclosure! Foreclosure is what you want to avoid, this will seriously impact your credit and clearances you have.

If your credit score is lowered slightly because of the short sale, just like any negative impact on your report, you start rebuilding it once that negative impact happens.  You have to ask yourself.  Is a 100 point decline in my credit score worth it to me.  If I can recover from this hit in 1-2 years (most of the time sooner) and be forgiven over $75,000 in debt and start over financially, is that worth it to you ?

Do Lenders Approve all Short Sales?
In a word, No.  That is why it is critical to work with someone that has extensive training and experience at getting Short Sales approved.

The national average for completing short sales is well below 40% .  Right now we are 15 for 15 since last year and we have 3 more closing in April.

From the presenation of the Short Sale package to the lender to working with the lenders Loss Mitigation Department and investors of the loan and even Mortgage Insurance companies, we know how to keep the file moving towards approval.  Not to mention we know how to negotiate with the banks to get the best outcome possible.

The first step is to get pre-qualified for a Short Sale.  There is no charge for this, and its easy.  Email us and we will set up a time to talk with you.

Who benefits from the Short Sale?
Short sales are a win-win situation. Lenders, Mortgagees and Realtors all benefit from the successful short sale. Mortgagors get the majority of their money back, Mortgagees get the relief they need and are able to sell their property and avoid foreclosure, and Realtors can facilitate the transaction and receive compensation (commission) from the sale of the property.

Why would banks forgive the difference?
To mitigate their losses, banks often accept a settlement of less than what is owed on the property. When faced with the option of getting the property ‘back’ through foreclosure, a short sale often makes a much wiser business decision for the bank.

This sounds too good to be true!?
Not really. Things that are ‘too good to be true’ usually don’t make good economic sense. The short sale makes good common and financial sense for the banks who grant them. The fact of the matter is, Mortgage companies and banks are NOT in the real estate business. They are in the LENDING business. The last thing they want is that property back.

Can FHA, Conventional or VA loans receive a short sale?
Yes! I have successfully negotiated short sales for each of these loan types.

Why does my property have negative equity?
Here are a few common reasons:

-Person bought at the height of the market and the market has now declined or paid more than the property was worth.
-The area has become less desirable for any number of reasons, so property values have declined.
-Person purchased the home with little or no money down and wants to sell within a few years of purchase… and the property value has not increased during that time. Therefore, costs associated with selling the property may create a balance due at closing,
-Person refinanced the home (with a high appraisal value) and now has little or no equity.
-Person bought in a brand new subdivision or recently developed area that has not been fully developed or has not appreciated (or has depreciated) in value
-The market is soft because there is too much builder (new home) inventory or too many existing homes on the market (buyer’s market)

What is Negative Equity?
Also known as being "upside down" negative equity is the difference between the value of an asset and the outstanding portion of the loan taken out to pay for the asset, when the latter exceeds the former. For example, if your car is worth $10,000 and you owe $15,000 on it, you would have a negative equity of $5,000. Negative equity can result from a decline in the value of an asset after it is purchased.

Some areas decline in value. In other areas, prices may remain flat so that the properties in that area do not appreciate. If a seller wants to sell within 2-3 years of purchasing their property, they may be in a situation where they have negative equity.

What if I owe what my home is worth?
Even if you owe exactly what your home is worth, you may still need to do a short sale in order to pay for the costs of the sale (Realtor fees, Title Policy and other seller & buyer closing costs).

Why not just let my lender foreclose?
NO! What is the first thing banks do when they foreclose on a property? Hand it over to a real estate agent to get rid of it quick! The foreclosure process is a legal process. It involves attorneys and it costs MONEY. Once they get the property back via foreclosure they must often sell it for MUCH LESS than market value and pay Realtor commissions and all customary closing costs. Doesn’t it make more sense for them to take at or a little below fair market value before foreclosing?

And, even when they do sell it through foreclosure... this does NOT remove your obligation to repay the remaining balance! It is not wiped away!!!

How long does it take?
Short sale approval can take 60 days or longer.

What if my home is already in foreclosure?
Your foreclosure sale will usually be suspended during the short sale process. That's why it's imperative that you contact us right away!!!

Will my lender send me a 1099 on the debt forgiven?
In 2007 the U.S. Congress passed the Mortgage Debt Forgiveness Relief Act and it is in effect until 2012. As a result of that act, borrowers no longer pay taxes on the debt forgiven on their primary residence. So if the property is your primary residence, then no, you should not receive a 1099 for the debt forgiven or have to pay any taxes on the forgive debt.

For investment property, the lender does have the right to report to the IRS the amount they have ‘forgiven’ in a Short Sale transaction, the amount of the resulting tax will be far less than the debt forgiven. For example, we had one client who did get a 1099 for $30,000 forgiven. This resulted in additional taxes of $1,300 for that year. The resulting tax is far superior to paying the difference of the debt. Also, if the property is in foreclosure, the foreclosure would have a much more devastating affect on you than the amount of the 1099.

For more information go here: http://www.irs.gov/individuals/article/0,,id=179414,00.html

What kind of marketing will you do on my property?
Since last year we have successfully sold 15 short sales.
On our regular listings, we do employ an extensive marketing plan, however we have found that traditional marketing mediums (flyers, virtual tours, open houses, showing feedback surveys, etc) are not effective at generating offers on short sale listings.

What generates success on our short sale listings is over 90% dependent on the property’s PRICE. We typically review the pricing and make adjustments every week or so until an offer is generated.

In addition to pricing, we employ a strong internet marketing presence. We have teamed up with REALTOR.com and ListHub.com to market your property on over 150 web sites.

If there are very few calls or lookers, then we will need to adjust the price until we get an offer. We typically generate an offer within 30 days, unless the property is very unique.

Can I lease out my house while we’re waiting on the short sale?
We don’t recommend that you lease your home while waiting on the short sale to be finalized. Lenders will not be sympathetic to sellers who are collecting rent payments and not making their mortgage payment. Also, homes with tenants are subject to legal rules (tenant rights) and much more difficult to show and to sell.

How will you decide on the list price of my home?
Initially we will set the price based on his extensive market anlaysis. Once we have an offer we will submit that to the bank. Once we convince the bank to agree to do a short sale on your home, they will hire their own independent appraiser who will come out and view your home, and set a valuation, based on its condition.
In order to get the process going quickly, we will need to send you our short sale package and get all of the necessary information we need back from you first, before one of our team members goes out to put up the sign and lockbox.

Who will let me know what I need to do to the home to get it ready for sale?
We won’t be recommending that you do anything to the home that will cost you money. The truth is, since you won’t be netting anything from the sale, the last thing you probably want to do is spend more money on a home you no longer can afford. For that reason, we will be selling your home as-is. Our only suggestion is to clear out as much clutter as you can and keep it clean. Other than that you’re OK. The lender will price your home according to its condition.

I feel so guilty and ashamed for putting myself in this position.  How did I allow this to happen to me?
If you learn only one thing from visiting us I hope it’s that you allow yourself to be free of guilt and shame over your circumstances. We are in the midst of the greatest economic downturn in our history as a nation. I don’t believe you are personally responsible for turning our economy upside down nor do I think you are personally responsible for dropping property values 20% to 70%. If you are somehow responsible, please contact us for a different answer to this question.

The only thing you are really guilty of is BAD TIMING. You probably purchased or refinanced your property in 2005, 2006 or 2007. Your circumstances would be quite different if you had purchased or refinanced in 2002 or 2003, wouldn’t they?

If ever there was truth to the notion that there is safety in numbers, you can feel safe in the knowledge that millions of homeowners share your pain and your circumstances. I do not wish to make light of the problem but let’s recognize it for what it truly is. This is “where” you are in life and not “who” you are in life.

Should I stop paying my mortgage in order to complete a short sale?  Is it required?
Oversimplified, the short answer is….unfortunately, yes.  In reality, this very difficult choice is personal and must only be made after careful consideration of all the benefits and consequences.  First I’d like to address the personal and emotional challenges of this issue.

We often feel compelled to continue making mortgage payments even when we can’t afford to continue any longer.  Pride, commitment, honor, duty and obligation are all very deeply rooted core beliefs (and rightfully so) that interfere with our ability to make objective choices which might be best for our personal well being and that of our family.

Our sense of duty and obligation is so strong that many of us will borrow from credit cards, draw from savings or retirement accounts (don’t EVER do that) or borrow money from family and friends in order to make the mortgage payment.  We don’t realize that digging the hole deeper will not help us get out of our hole.  The first rule of recovery when digging a hole is to STOP DIGGING!

When you are deeply upside down in property value (meaning your home is worth less than you owe), you must realize how long it will take for your property value to return to its pre-recession levels.  If you have lost more than 25% in value, it’s not likely that your home will return to its prior value in our generation.  Think about that.  It could take an entire generation for values to restore themselves above the amount that you owe on the property.

That means that you can’t out save this economic downturn.  You can’t out live it.  You can’t out last it.  Every dollar you spend on your mortgage, when significantly upside down, is a dollar that will not be returned.  That same dollar will not provide value to you and cannot be spent on your family.  If you are upside down in value, you are effectively renting your home.

Do you mind if I repeat that?   If you are upside down in value, you are renting your home.

So when choosing whether to continue making mortgage payments you have to first decide what value you receive in return, if any?

As a practical matter, we intellectually rationalize that it’s important to continue paying the mortgage in order to preserve our credit (which is a false belief).   Please refer to credit consequences of a short sale for more information.

In addition, it is virtually impossible to get your bank/lien holder to approve a short sale request if you are still current on your payments.  Not totally impossible, just virtually impossible.  From their perspective, non-payment is a default.  Why would they help you to default on their mortgage?  They wouldn’t.

Banks/lien holders are very conscious of our private guilt and our need to honorably fulfill our commitments. They would prefer that we listen to our inner conscience and not default even if it’s not in our personal best interest, or that of our family.

If I stop paying my mortgage, should I stop paying my homeowner or condo dues?
No.  We recommend that homeowners continue to pay their HOA or condo dues even when in default on their mortgage.  This assumes that the homeowner can financially afford the payment and it’s a choice, not a struggle.

Nonpayment affects your neighbors.  Homeowner and condo associations run on a strict and limited budget.  When they don’t receive payments, it has a direct and immediate impact on their bottom line and trickles down to your neighbors.  It can affect property values, benefits and services and quality of life for neighbors.  I wouldn’t want a neighbor to do that to me and I wouldn’t want to do it to a neighbor, if possible. 

In addition, many associations are now fighting back and seeking personal judgments against the homeowners for non-payment. 

If the homeowner can no longer afford the payment, that becomes the most important consideration and they should not pay.  A homeowner should not worsen their already tenuous financial position just to make the payment for HOA or condo dues.  But, if they have a choice, we ask them to choose to pay the dues. 

What if I don’t really have a hardship?  I’m very upside down in value and, while I can still afford the payment, it doesn’t leave me with enough to live a quality lifestyle. Can I still do a short sale?
In our short sale program, we don't put a lot of stock in hardship.  Everyone has a hardship.  Not long ago, hardship was an important consideration in gaining lender approval for a short sale.  While it's still considered a benchmark that must be addressed, it's just a benchmark.  In the hands of the right short sale negotiator, it's just one more box to check off to confirm that all requirements have been satisfactorily provided to the lender.
Our position with lien holders is that the homeowner is NOT paying their mortgage and nothing that happens during the negotiations will change that. There is not going to be a miraculous epiphany on behalf of the seller where he asks forgiveness, brings his loan current and pays on time through maturity of the loan.  The lien holder can either accept a full price, non-contingent, As-Is offer or they can foreclose. Remember, we can't do more than offer the best contract that the market can offer. 

I'm not intending to make the hardship sound insignificant.  You can't write a hardship letter saying you don't feel like paying your mortgage anymore.  But you are also not a prisoner of your home.  If you want to, or need to, move and are upside down by $100K and don't have $100K, you have a hardship. 

There is no better hardship than, "I'm moving. I'd love to stay but I can't.  I'd love to pay, but I can't.  I don't have $100K so I'm asking for you to accept my short sale offer."  There doesn’t need to be an explanation for why you are moving (although there can be).  A lender can't force you to stay in your home just to pay their mortgage, especially when everyone around you is abandoning their home.  An informed lender knows that they'll have little choice but to accept the short sale if the purchase offer is a market price offer.

I have a security clearance (or I have a job that is dependent on my maintaining good credit). I can’t afford my home but I can’t stop making my mortgage payments because I don’t want to risk losing my security clearance or my job. What can I do?
It is highly unlikely that you will lose your security clearance or employment because of a short sale.  I want you to truly understand your unique circumstances so that you can approach your direct supervisor or human resources department for help AND FOR APPROVAL TO COMPLETE A SHORT SALE while stopping your mortgage payments. 

You probably have a tendency to believe that your problems are unique to you which probably causes you to feel isolated.  I want you to remember that millions of people just like you are dealing with the issue of being unable to continue paying for their home every day. 

It’s such a common phenomenon that most HR departments, even at the highest level of government, have a standing policy for dealing with short sales.

There are many factors that were considered to determine your eligibility for obtaining, or retaining, a security clearance or specialized employment.  Credit is only one of the factors used.  Let’s understand why credit might be a factor for consideration in such matters. 

Employers will want to review a credit REPORT, not a credit SCORE.  A credit report is a combination of your credit score and your credit history.  Your credit history tells a story of how you have used your credit in your lifetime.  Have you exercised good judgment and decision making in your personal use and management of credit?  You probably have. 

A historical review of credit also helps employers determine if you are vulnerable to influence from third party sources (such as bribery and extortion) because of poor financial judgment.   Are you vulnerable to bribery or extortion?  You might be if you don’t get rid of your upside down mortgage. 

Remember that even if your credit score drops, your credit history will remain intact but it will now include a negative event THAT YOU DIDN’T CAUSE. 

Most personnel and human resource departments realize the short sales are an everyday part of our life in this economy.  They know that you didn’t cause your circumstances and that by getting rid of the mortgage debt that acts like a financial anchor around your neck, you are exercising good financial judgment and decision making (because failure to act would make you vulnerable to third party influence - such as bribery and extortion). 

Also, I don’t know if this describes you but most people face the prospect of a short sale BECAUSE THEY DON’T HAVE ANY CHOICE.  They are unable to continue paying their mortgage long term.  They need to sell but they owe more than the home is worth and don’t have the financial resources to pay the deficiency.  Regardless of whether their supervisors deem it permissible or not, they will do a short sale….which will affect their credit score even if they didn’t stop paying their mortgage.  But failure to stop paying their mortgage will likely disqualify them from being approved for a short sale.  It’s a Catch 22. 

If I’m describing you, I recommend that you actually try to apply for a modification. I don’t recommend this very often.  Applying for a modification will demonstrate to your employer/supervisor that you did everything that was reasonably possible to avoid a short sale or mortgage default.   Of course, you won’t receive a modification that will cure your mortgage burdens but it’s the process of demonstrating that you tried that matters. 

Stop and think about your circumstances.  Do you really think that if your employer knew about your financial struggles that they would say, “That’s tough.  Find a way to work it out”?  Of course they wouldn’t.  Would you want to continue working with/for them if they did say that? 

Please don’t take my word for it.  This is such a critical and sensitive issue but you also don’t have to guess, wonder or worry.  The answer can easily be determined by simply asking the question. 

Approach your supervisor or personnel department (immediately) to share the reality of your circumstances and ask for guidance.  You will likely learn that you weren’t the first to ask (and won’t be the last).   They will likely assure you that a short sale will not jeopardize your security clearance or continued employment.  It’s that simple. 

If it turns out that I’m wrong, and the supervisor refuses to consider allowing you to do a short sale, what are you going to do?   You can’t keep making your payments.  Maybe you can in the short term but you can’t do it forever.  If you’re upside down by 30% or more, you have a short sale in your future.   I haven’t encountered any employer that would act, or react, so harshly given the unique circumstances. 

I have shared this advice with hundreds of homeowners with security clearance, many with the highest possible clearance, and not one has ever come back to me and told me that their request was denied. 

However, in order for this approach to work, you must REALLY believe that you didn’t cause the financial turmoil that turned your home value upside down so that you can’t sell your home or afford your mortgage.  If you believe that you are somehow personally responsible for dropping property values by 30, 40 or 50%, then you will not effectively convince your employer (or anyone) that you should not be held accountable for exercising poor judgment and decision making.  And if you believe that you are responsible for dropping my/our property values, you are advised to seek therapy immediately because you have a denial issue!  

Since this is a difficult issue which may be hard to reconcile, here are the critical points you should include when discussing your circumstances with a supervisor or personnel department.  It’s presented in letter form just in case you can’t bring yourself to have this discussion in person:

To Whom It May Concern: 

Because of an unforeseen hardship (see attached hardship letter) I am unable to continue paying my mortgage under the current terms. 

My lender has been unwilling, or unable, to modify the terms to an affordable or manageable level. 

Due to a significant decline in home values I owe more money to my mortgage lender(s) than my home is worth. 

I am unable to stay in my home under the current mortgage terms and am unable to sell my home for the full value of the mortgage debt. 

My only known option is to proceed with a short sale (where my lenders agree to accept less money than they are owed in exchange for releasing their lien on the property).

A short sale will have a temporary negative impact on my credit score.  In addition, it is necessary for me to stop paying my mortgage in order to qualify for the short sale approval (which may have an additional short term negative impact on my credit score). 

I’m aware that my credit profile is a consideration in approving/maintaining my security clearance.    

Please understand that my overall credit history reflects excellent performance, choices, judgment and behavior.    

My credit is very important to me, as is my current job/position and my security clearance.    

While I accept the credit consequence of a short sale, I also understand that I was not the cause of the economic circumstances creating my hardship or loss in property value.   

My credit score will improve quickly but my overall credit history remains the best indicator of my (continued) eligibility for a security clearance. 

I ask that you (look favorably on my application for a security clearance or government contract) or (do not revoke my current security clearance or government contract) for all the reasons previously discussed.   

I will gladly consider any other alternatives or options that might be available provided they can cure my current mortgage burden and allow me to keep my current employment and security clearance. 

Thank you for your time and consideration.   I am happy to provide any additional information upon your request and look forward to your favorable response. 



Contact us today to set up an appointment to see if a Short Sale is right for you.

Short Sale Now ? Or Wait ?

Short Sale Now ?  or Wait ?

This is a great question.  A lot of homeowners ask themselves this when they are first trying to figure out if this is the best option for them. Unfortunately a lot of home owners delay in making the decision to short sale. I would like to share my experiences and my expertise with you. 

As most of you know, I have gone through the same thing your going through.  My condo in Charlottesville is severely upside down and losing money each month.  I thought I could tough it out and it was worth it in the end.  Besides, I put a $30,000 down payment !!  Then I watched my Father, who had bought 3 condos, waste away his savings and go to foreclosure on 2 of his condos.  I said Now is the time to short sale.  My financial future depended on it.

So why now ?
  • The #1 answer is - stop throwing away your savings.  If you are just barely getting by and most of your income is going directly to your mortgage payments and you can't start building for your financial future. Then its time. You can either come to this realization early on or after you have depleted all your savings.
  • You have a true financial hardship.  Lost job, Decreased pay, Divorce, ARM adjusting, Job relocating.  These hardships you can not control. Most people end up doing #1 or they stop making their payments and are headed toward foreclosure.  Foreclosure and Bankruptcy should be a last resort option.  These can affect you financially for a very long time. Short sale is a way to avoid these.
  • The government is pushing short sales now with bailout programs for the banks. The IRS mortgage debt relief act ends in 2012.  This means if the short sale home is your primary residence you do not have to pay taxes on the debt forgiven (*I am not a tax advisor, please consult your tax advisor on this) It could be much harder than it is now to get a short sale approved in the coming years after these government programs are all gone.
  • One of the main reasons you bought your home was to stop renting and throwing your money away and build your financial future.  There are alot of other great reasons to own real estate, but this is one of the top. Now, because of circumstances you can not control, you are now renting again.  But this time, its for a very long time.
If you are $100,000 upside down on your home it will be 13+ years before you catch up and where you will owe what the home is worth.
If you are $200,000 upside down on your mortgage, then it will take 21+ years to catch up to the point where you owe what your home is worth.
If you don’t short sale now, you will still be a short sale in 10 to 20 years depending on how much you are upside down.
If you want to calculate how long it will be for you, jut figure out how much you are upside down on your home and then find the amortization schedule on your loan paperwork and see how many more payments you have to make just to break even. If you are brave enough, see how much it will cost you just to break even.
  •  So what about the strategic short sale?  Someone who is well off financially and can afford to keep their home but it makes absolutely no sense to.  Lets talk :)  We have helped many homeowners in your situation.
So what do you do next ?

You choose the right realtor!  Less than 40% of short sales get approved nationwide.  You make the wrong decision and it could cost you alot of money.  Right now we are 15 for 15 since last year and should be adding 3 more in April. I like those odds! We can't guarantee we will get your short sale approved and the terms you want.  But our results speak for themselves.
  • Read our Homeowners FAQ's
  • Contact us to set up a phone interview
  • Fill out the short sale packet
  • In home consultation
  • List your home
  • Sell your home
  • Start over Fresh