Mortgage Debit Relief Act Extension? Who Cares

I have homeowners calling me a lot lately about not wanting to do a short sale because of the Mortgage Debt Relief Act expiring at the end of this year.  So I wanted to let everyone else know what I am telling them and why most do not have to worry about this debt act expiring, if it does.  Just a reminder, this is how I did not have to pay taxes on my short sale. Its called Insolvency.

So lets say the Debt Act is not extended, there’s another significant exception to a homeowner’s obligation to pay taxes upon a deficiency waiver – insolvency. If you’re insolvent, as defined by IRS Code, then you have no tax liability on any deficiency waiver. What does it mean to be “insolvent”? I’m no tax expert (and anyone in this situation should seek advice from an accountant). However, it’s simpler than it sounds – you’re insolvent when your total debts exceed the total fair market value of all of your assets. Yes, “assets” includes everything you own. Most homeowners don’t have enough assets, so they’ll fit the bill. Just think about it. Using my example, above, if your house is worth $175,000 and you owe $300,000 and you’re decide to do a short sale, you’d have to have at least $125,000 in other assets – without any other debts – not to be insolvent.

So if you have been considering doing a short sale, but waiting until this Debt Act is extended, lets chat if you think you will qualify for insolvency.


Another Short Sale closed with the 12:45 Team in Alexandria & Fairfax Virginia





Another Chase Short Sale Approved The Reserve Manassas Park


If you have a condo at The Reserve Manassas Park you have two options... Throw away money for the next 10+ years or do a short sale with us. 

Chase Mortgage Short Sale The Reserve Manassas Park Real Estate Agent Virginia & Maryland

9722 Holmes Place, Manassas Park 20111 - 2bd/2ba  - $140,000
We continue to be 100% in completing short sales for our sellers. Its important you hire a short sale specialist with experience with your bank.

We just got this short sale approved. The seller was forgiven over 125k
For Short Sale FAQ's visit:
http://www.my1245shortsale.com/

Quick Facts

Hardship: Upside Down on the mortgage, place was to small, paying more in mortgage then they would if they were to rent the same place.

List Date: 08/02/2012
Final Approval Date: 9/20/2012
Close Date: 10/30/2012

Result: Full deficiency waiver for our seller.

This Chase short sale was rather easy. It took less than 50 days to get full approval and the seller was forgiven the entire deficiency amount. 

If you would like for us to refer you to a tax professional with short sale experience, conact us at Nate@1245team.com

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





 

Chase Mortgage Short Sale & SLS Specialized Loan Service The Reserve Manassas Park

If you have a condo at The Reserve Manassas Park, let us help you do a short sale so you do not waste away your life savings on a condo over 150k upside down.

Chase Mortgage Short Sale & SLS Specialized Loan Service  The Reserve Manassas Park Real Estate Agent Virginia & Maryland

9711 Handerson Place, Manassas Park 20111 - 2bd/2ba with garage - $140,000
We continue to be 100% in completing short sales for our sellers. Its important you hire a short sale specialist with experience with your bank.

We just got this short sale approved. The seller was forgiven over 145k
For Short Sale FAQ's visit:
http://www.my1245shortsale.com/

Quick Facts

Hardship: Upside Down on the mortgage, place was to small, paying more in mortgage then they would if they were to rent the same place.

List Date: 01/12/2012
Final Approval Date: 7/17/2012
Close Date: 7/30/2012

Result: Full deficiency waiver for our seller.
This short sale was definately interesting but we got it done again for our clients!  Chase, who normally is very easy to do a short sale with, gave us complications early on.  They denied the file twice because they said the seller could afford the property.  If anyone knows the properties at The Reserve, most of these are upside down by over 150k!!  So my client was not going to keep this property for the next 20 years and throw away his life savings. 

So we were persistant and escalated the file.  What do you know they approved it! It just took alot longer than most of our short sales.  Most are getting done in 90 days.  This one took 6 months.  But our client was forgiven over 150k! 
If you would like for us to refer you to a tax professional with short sale experience, conact us at Nate@1245team.com

If you have any questions concerning Chase Mortgage Short Sales or SLS Specialized Loan Service Contact Us. We have a proven record with Chase Mortgage(Preforeclosure) SLS Specialized Loan Service Short Sales. We can help you with Chase Mortgage Short Sale SLS Specialized Loan Service in Virginia & Maryland.

  


Sharon & John short sold 2 properties with the 12:45 Team AHMSI



AHMSI - American Home Mortgage Short Sale Approval Letter Fairfax Center Landbay Real Estate Specialist Agent Virginia & Maryland

AHMSI - American Home Mortgage Short Sale Approval Letter Real Estate Specialist Agent Virginia & Maryland

4124 Fairfax Center Creek Dr, Fairfax, VA 22030 - $405,000
We continue to be 100% in completing short sales for our sellers. Its important you hire a short sale specialist with experience with your bank.
We just got this short sale approved. The seller was forgiven over 180k!!

To find out when your home will be an asset again visit:
www.1245shortsale.com

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

Quick Facts

Hardship: Upside Down on the mortgage, lot of debt

List Date: 03/13/2012
Approval Date: 3/21/2012
Close Date: 6/29/2012

Result: Full deficiency waiver for our seller.

AHMSI American Home Mortgage, This was our sellers 2nd short sale with us. Both were with AHMSI.  The first one they did was a HAFA short sale because it was their primary residence. Read more about it here.  For this one it was a regular short sale. They had rented the townhome out for a few years at a very big loss and could not continue doing so.  We got the approval letter in less than 90 days and closed in 106 days!

If you would like for us to refer you to a tax professional with short sale experience, conact us at Nate@1245team.com

If you have any questions concerning AHMSI American Home Mortgage HAFA Short Sales Contact Us. We have a proven record with AHMSI American Home Mortgage (Preforeclosure) Short Sales. We can help you with AHMSI American Home Mortgage HAFA Short Sale in Virginia & Maryland.


 


Bank of America Short Sale Testimonial from our Client on Zillow

Read our client Eboni's review on zillow below. 

http://www.zillow.com/profile/NateTheRealtor/Reviews/

"I had a condo that I could no longer afford. I filed bankruptcy back in 2009 so the condo had been sitting there since then, almost 3 years. I received a post card from Nate about doing a short sale and how they had been successful in my condo complex. I gave him a call. He was professional and was quick to get started. Any time I emailed him or called, he was quick to respond. The short sale went through in about 2 months from the day I contacted him. I have never been more impressed then I was with Nate and the 12:45 team who assisted him on the short sale. Everyone I talked to on the time, was professional and handled themselves with class. I would still be stuck with this condo if it wasn't for Nate. I would recommend him to anyone who is thinking of doing a short sale. Now I am burden free and I owe it all to Nate and the 12:45 team. Great Job Nate!"

50!!

We just got our 50th short sale approved!   We still are 100%.  We cant guarantee we will get your home short sold and deficiency waived but I like those odds!  50 for 50.

If your upside down lets chat about your options.  703-725-2929  No obligation. Just get the facts first, before you make a decision.




Can I short sale if I have a renter?

The short answer is, you have to honor the renters lease. 

We have helped many investor types who have renters in there property that are severely upside down, short sale there place.

What we like to do is time it so that the short sale is almost done by the time the lease is up.  To be on the safe side, we like to start the short sale 3 months before the end of the lease.  So if your lease was up September 1.  We would start the short sale with the sellers missed payment June 1.  Then when they are technically late June 15th, we would list the property and try to secure a buyer quickly.  This process takes cooperation from your renters.  We work with them so this is not a terrible inconvenience.

So these 3 months that the seller is not paying there mortgage, they are collecting rent.  This rent should cover in most cases the cash contribution that the bank is going to require at closing. Most of our sellers are having to bring anywhere from 0-$7,000 to closing.  Yes we have had clients bring nothing and actually we have had a few actually get paid a couple thousand to do the short sale! Our typical short sales are getting done in 90 days.  That is 90 days from contract ratification with the buyer.

If you would like to chat about your situation and see what your options are email me at nate@1245team.com








AHMSI - American Home Mortgage Short Sale Approval Letter Skyline Plaza HAFA Real Estate Specialist Agent Virginia & Maryland

AHMSI - American Home Mortgage Short Sale Approval Letter Real Estate Specialist Agent Virginia & Maryland - HAFA Short Sale

3701 South George Mason Drive Falls Church Virginia 22041 - 2bd/2ba  - $220,000
We continue to be 100% in completing short sales for our sellers. Its important you hire a short sale specialist with experience with your bank.
We just got this short sale approved. The seller was forgiven over 200k!!

To find out when your home will be an asset again visit:
www.1245shortsale.com

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

Quick Facts

Hardship: Upside Down on the mortgage, lot of debt

List Date: 02/21/2012
Approval Date: 5/11/2012
Close Date: 5/30/2012

Result: Full deficiency waiver for our seller.

AHMSI American Home Mortgage, this short sale was rather easy.  It was a HAFA short sale and as you can see it only took 80 days to get the approval letter. Through the HAFA program they forgive the entire deficiency which was over 200k for our seller and they actually paid my seller $3,000 to do the short sale!  To find out if you are eligible for a HAFA short sale email me

If you would like for us to refer you to a tax professional with short sale experience, conact us at Nate@1245team.com

If you have any questions concerning AHMSI American Home Mortgage HAFA Short Sales Contact Us. We have a proven record with AHMSI American Home Mortgage (Preforeclosure) Short Sales. We can help you with AHMSI American Home Mortgage HAFA Short Sale in Virginia & Maryland.








Chase Mortgage Short Sale Approval Letter The Reseve Manassas Park

Chase Mortgage Short Sale Approval Letter The Reserve Manassas Park Real Estate Agent Virginia & Maryland

9720 Holmes Place, Manassas Park 20111 - 2bd/2ba with garage - $140,000
We continue to be 100% in completing short sales for our sellers. Its important you hire a short sale specialist with experience with your bank.

We just got this short sale approved. The seller was forgiven over 145k
For Short Sale FAQ's visit:
http://www.my1245shortsale.com/

Quick Facts

Hardship: Upside Down on the mortgage, place was to small, paying more in mortgage then they would if they were to rent the same place.

List Date: 02/21/2012
Approval Date: 2/28/2012
Close Date: 5/30/2012

Result: Full deficiency waiver for our seller.

Another easy short sale with Chase. Not all are this easy but we got the approval letter for our sellers in less than 60 days. The sellers do not have to pay the bank back and were forgivin over 145k!!

If you would like for us to refer you to a tax professional with short sale experience, conact us at Nate@1245team.com

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






Bank of America BOA / Citi Short Sale Approval Letter in Fairfax, VA Penderbrook

Bank of America BOA Citi Mortgage Short Sale Approval Letter Penderbrook Oxford House Real Estate Agent Fairfax Virginia

12010 Ridge Knoll Dr, Fairfax, VA 22033 - 2bd/2ba - $220,000
We continue to be 100% in completing short sales for our sellers. Its important you hire a short sale specialist with experience with your bank.

We just got this short sale approved. The seller was forgiven over 85k
For Short Sale FAQ's visit:
http://www.my1245shortsale.com/

Quick Facts

Hardship: Upside Down on the mortgage, place was to small, paying more in mortgage then they would if they were to rent the same place.

List Date: 02/21/2012
Approval Date: 2/28/2012
Close Date: 4/30/2012

Result: Full deficiency waiver for our seller.

This was an easy short sale with BOA and Citi :)  As you can see this took 2 months from contract to close!  that means we got the approval in 30 days which is really fast.  Typically our short sales are closing in 90 days but the seller was happy with 60!  The seller was forgiven over 85k and does not have to pay the bank back.

If you would like for us to refer you to a tax professional with short sale experience, conact us at Nate@1245team.com

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





2 more approval letters!

Just a quick update.  More info coming later on these two short sales. 

Our latest short sales were listed in late February and we got offers right away.   It then took less than 60 days to get the approval letter and close.

Both sellers were forgiven and do not have to pay the bank.

Banks we were working with were:   BOA/Citi  & Chase


VHDA FHA Short Sale Approval Letter Manassas, VA

VHDA FHA Short Sale Approval Letter Manassas Townhome Real Estate Agent Virginia & Maryland

7557 Helmsdale Place, Manassas, VA 20109 - Townhome - $190,000
We continue to be 100% in completing short sales for our sellers. Its important you hire a short sale specialist with experience with your bank.

We just got this short sale approved. The seller was forgiven over 45k
For Short Sale FAQ's visit:
http://www.my1245shortsale.com/

Quick Facts

Hardship: Upside Down on the mortgage, divorce

List Date: 01/12/2012
Approval Date: 1/17/2012
Close Date: 3/30/2012

Result: Full deficiency waiver for our seller.

VHDA FHA Short sales can be started before you get a contract, which saves time. We had no issues with this short sale because it was a FHA short sale.  They actually paid our clients to do the short sale! They were forgiven over 45k

If you would like for us to refer you to a tax professional with short sale experience, conact us at Nate@1245team.com

If you have any questions concerning VHDA FHA Mortgage Short Sales Contact Us. We have a proven record with VHDA FHA Mortgage(Preforeclosure) Short Sales. We can help you with VHDA FHA Mortgage Short Sale in Virginia & Maryland.







Mortgage Forgiveness Debt Relief Act Expires in 2012

Mortgage Forgiveness Debt Relief Act Expires in 2012.  Short sales can take 2-8 months.  Most of ours are being completed in 90 days but a rare few are taking 6+ months.  This debit relief act will save you a lot of money and is something to really consider as to why you need to short sale now rather than later in the year.


Again, I am not a tax advisor, so please consult your tax advisor for better explanation.  

Two ways to avoid paying taxes on your deficiency that was waived:  

- If it was your primary residence - The Mortgage Forgiveness and Debt Relief Act and Cancellation expires in 2012

- Insolvency - Your liabilities are more than your assets 

Read more about these below

Do you have a BOA Bank of America Loan and are upside down? Good News!

BOA has a short sale program that is the best! Read info below and contact me if you have any questions.

  • Low to no documentation from the Seller.
  • Pre-approved pricing with aggressive price reductions.
  • $2,500 cash to the Seller at closing.
  • Full Waiver of Deficiency.
  • Can be an investment property.


It’s basically HAFA without all of the paperwork and time delays. I’ve done quite a few of these and have a few more on the works right now. One key point is that you want to be sure to go through the Co-op approval process prior to placing the property on the market.

It may take a couple of months on the front end to get approved for the Co-op and get a listing price but once you have these things the process is very straight forward.

  1. List the property at the approved price.
  2. Sell it.
  3. Upload the contract and HUD into the Equator system.
  4. Received the final approval. Usually within 15-30 days
  5. Close the transaction.


From Bank of America

Important information on a Bank of America Cooperative Short Sale

■ If you successfully complete a cooperative short sale, you will sell your home and will be required to vacate the property.
■ You are responsible for all maintenance and expenses on the property until it is sold.
■ Financial hardship and inability to afford the payments on the property are needed to qualify for a cooperative short sale.
■ The short sale must be an “arm’s length” transaction. An arm’s length transaction means that you cannot list the property with or sell it to anyone that you are related to or with whom you have a close personal or business relationship.
■ Bank of America, N.A. will use proceeds from the sale to pay off the balance of your loan, and will work together with your listing agent on your behalf to facilitate the sale process.
■ We may begin or continue the foreclosure process while we review your request. We will suspend any foreclosure sale date until the expiration date of the signed Acknowledgement of Interest or the date of closing of an approved short sale, whichever is later, as long as you continue to abide by the terms and conditions of the agreement.
■ If the cooperative short sale is unsuccessful, Bank of America may offer you the opportunity to participate in a deed-in-lieu of foreclosure program.
■ Once your short sale is completed, Bank of America will report to the major credit reporting bureaus that your loan was completed as a short sale.

Benefits of a successful Bank of America cooperative short sale

■ If the cooperative short sale is successful, Bank of America will pay you $2500 for moving, relocation, or rental expenses.
■ If the cooperative short sale is successful, Bank of America will not pursue the deficiency balance on your loan.
■ If the cooperative short sale is successful, Bank of America will not foreclose on your home.

So folks, if you have a mortgage with Bank of America and need to do a Virginia or Maryland Short Sale, I can help. I’ll be waiting to hear from you. Any questions?



BOA Bank of America Short Sale Testimonial Virginia Maryland Short Sale Agent Specialist

We short sold our clients condo with Bank of America BOA and the seller did not have to pay the bank back.  This approval letter came in 34 days! and she was forgiven over 100k.  This condo was in Herndon at the Bryson at Woodlands Park. If you have any questions about your Bank of America Short Sale contact nate@1245team.com 703-725-2929 for a free consultation.




Read our clients review on zillow below

http://www.zillow.com/profile/NateTheRealtor/Reviews/

"I had a condo that I could no longer afford. I filed bankruptcy back in 2009 so the condo had been sitting there since then, almost 3 years. I received a post card from Nate about doing a short sale and how they had been successful in my condo complex. I gave him a call. He was professional and was quick to get started. Any time I emailed him or called, he was quick to respond. The short sale went through in about 2 months from the day I contacted him. I have never been more impressed then I was with Nate and the 12:45 team who assisted him on the short sale. Everyone I talked to on the time, was professional and handled themselves with class. I would still be stuck with this condo if it wasn't for Nate. I would recommend him to anyone who is thinking of doing a short sale. Now I am burden free and I owe it all to Nate and the 12:45 team. Great Job Nate!"

When Can I Buy After A Short Sale?

Our lender put together these responses to when you can buy after doing a short sale.

** Myself and our past clients are going through a credit repair company to remove the short sale (and other negative items) completely from our credit. This time frame is typically less than 6 months.  Contact me for more info.


2012’ FHA Waiting Guidelines

Bankruptcy – You may apply for an FHA insured loan after your bankruptcy has been discharged for TWO (2) years with a Chapter 7 Bankruptcy.

You may apply for an FHA insured loan after your bankruptcy has been discharged for ONE (1) year with a Chapter 13 Bankruptcy

Foreclosure - You may apply for an FHA insured loan THREE (3) years after the sale/deed transfer date.

Short Sale / Notice of Default – You may apply for an FHA insured loan THREE (3) years after the sale date of your short sale, if you had mortgage lates. FHA treats a short sale the same as a Foreclosure for now. If you did not have mortgage lates and did what is called a “non delinquent” short sale, you may be eligible to purchase again right away with no waiting period.

Credit must be re-established with a minimum 620 credit score

2012’ VA Waiting Guidelines


Foreclosure - There is no waiting period to apply for a VA loan, assuming credit has been re-established and you have a 620-640 credit score.

Short Sale - There is no waiting period to apply for a VA loan, assuming credit has been re-established and you have a 620-640 credit score. (Unless the short sale was a VA loan then restrictions may apply)

Credit must be re-established with a minimum 620 credit score

2012’ Conventional Waiting Guidelines (Fannie Mae)

Bankruptcy – You may apply for a Conventional, Fannie Mae loan after your bankruptcy has been discharged for FOUR (4) years.

Foreclosure - You may apply for a Conventional, Fannie Mae loan SEVEN (7) years after the sale date of your foreclosure. Additional qualifying requirements may apply,

Short Sale / Deed in Lieu of Foreclosure -

TWO (2) Years up to Maximum 80% Loan to Value | 20% Down Payment

FOUR (4) Years up to Maximum 90% Loan to Value | 10% Down Payment – Subject to Private Mortgage Insurance underwriting guidelines.

SEVEN (7) Years above 90% Loan to Value | with less than 10% Down Payment – Subject to Private Mortgage Insurance underwriting guidelines.

Credit must be re-established with a minimum 660 credit score

Fannie Mae has reduced waiting periods in cases of extenuating circumstances – The death of a primary wage earner seems to be the only one I have been able to identify up to this point.

What to do in preparing to buy again after bankruptcy (BK), short sale or foreclosure?

You should begin with a credit review, at least six (6) months before you are ready to buy again.

Quite often there are things left over on your credit report that can delay your ability to qualify.

With a little head start and good advice, we can get your credit in line to qualify for financing and be ready to buy again.

Bank of America BOA Short Sale Approval Letter Penderbrook Square Real Estate Agent Fairfax Virginia

Bank of America BOA Short Sale Approval Letter Penderbrook Square Real Estate Agent Fairfax Virginia

3909 Penderview Drive - 2bd/1ba -$155,000
We continue to be 100% in completing short sales for our sellers. Its important you hire a short sale specialist with experience with your bank.

We just got this short sale approved. The seller was forgiven over 100k
For Short Sale FAQ's visit:
http://www.my1245shortsale.com/

Quick Facts

Hardship: Upside Down on the mortgage, place was to small, going through a divorce

List Date: 07/21/2011
Approval Date: 2/29/2012
Close Date: 3/30/2012

Result: Full deficiency waiver for our seller.

This short sale was tricky and took longer than normal.  First the place sat on the market for 3 months before we got a contract.  This was because the condo was outdated and every other condo in the compolex was fully updated. So after dropping the price we finally got a buyer at $155,000.  BOA uses Equator for their short sales and this process usually completes in 90 days.  But our negotiator was terrible and grossly messed up our file and delayed it.  We lost the first buyer but found another buyer right away and were able to close in 2 months.  Total time from the first contract to approval was 5 months.  So a little bit longer than normal. When we got the 2nd buyer I met with BOA executives at conference and had them escalate the file and get us a new negotiator ASAP. I was shocked, within 2 weeks we had the approval.  Our sellers were forgiven over 100k and do not have to pay it back.

If you would like for us to refer you to a tax professional with short sale experience, conact us at Nate@1245team.com

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.

See the Approval letter here



How Long Will It Take To Break Even On Your Home?

How your credit is affected by a Short Sale


BOA Short Sales Approved!

We just got two BOA Bank of America Short Sales approved yesterday!   We are now 39 for 39 and will have video and highlights of these up here on the website soon. So check back on those.  But both sellers were forgiven and do not have to pay the bank back.

The national average for short sale success is right around 40% but our team continues to have 100% success rate.

Seterus / First Tennessee / First Horizon Metlife Short Sale Approval Letter - 21417 Humbolt Sq, Ashburn, VA

Seterus / First Tennessee / First Horizon Metlife Short Sale Approval Letter - 21417 Humbolt Sq, Ashburn, VA
Sellers were forgiven $84,000 and don't have to pay the bank back.







Free No Obligation Consultation

Do you want to know more about Short Sales? Is this the right step for you? What is the Short Sale process.  Learn the benefits of doing a Short Sale now, so you don't lose your entire savings.

Fill out the form below and we will contact you to set up a time to chat on the phone about your situation.  


*
*
*

Indymac Service Link / SLS Specialized Loan Service Short Sale - Penderbrook Square Fairfax




Fairfax County Short Sale Specialists - New Listing from 12:45 Team Fairfax, VA Penderbrook Sq


Fairfax County Short Sale Specialists - New Listing from 12:45 Team Fairfax, VA Penderbrook Sq
Visit http://12010ridgeknolldr.blogspot.com/ for video and pictures of this property.

Short Sale FAQ's visit www.my1245shortsale.com

2bd/2ba - $220,000 Penderbrook Square

Seterus / First Tennessee / First Horizon Metlife Short Sale Approval Letter - 21417 Humbolt Sq, Ashburn, VA

21417 Humbolt Sq, Ashburn, VA 20147- Semi Detached Home 4bd/3ba - $389,000
Seterus / First Tennessee / First Horizon / Metlife Short Sale Approval Letter 

We continue to be 100% in completing short sales for our sellers. Its important you hire a short sale specialist with experience with your bank.

We just got this short sale approved in 97 days from contract. The seller was forgiven over 75k
For Short Sale FAQ's visit:
http://www.my1245shortsale.com/

Quick Facts

Hardship: Upside Down on the mortgage, place was to small

List Date: 10/11/2011
Contract Date: 10/24/2011
Approval Date: 1/31/2012
Close Date: 2/24/2012

Result: Full deficiency waiver for our seller.

This was our first short sale where the 1st loan was not short, but the 2nd loan was.  This means that the proceeds from the sale paid off the entire 1st loan.  So we only had to negotiate with the 2nd loan. The 2nd loan actually got paid more than the typical 10% of the loan balance because there was so money left over after paying off the 1st loan.  In the end our sellers only had to contribute $5,000 cash contribution to make $75,000 in mortgage lien be forgiven.  Not a bad deal :)  It took a little bit of back and forth with the 2nd loan until we came to these numbers but everyone was happy.

If you would like for us to refer you to a tax professional with short sale experience, conact us at Nate@1245team.com

If you have any questions concerning Seterus / First Tennessee / First Horizon Short Sales Contact Us. We have a proven record with Seterus / First Tennessee / First Horizon (Preforeclosure) Short Sales. We can help you with Seterus / First Tennessee / First Horizon Short Sale in Virginia & Maryland.

See the Approval letter here






12937 Centre Park Circle BOA Bank of America Short Sale Approval Letter Bryson Condos in Herndon, VA

12937 Centre Park Circle, Herndon, VA 20171 - Bryson Condo 1bd/1ba - $160,000
BOA - Bank of America

We continue to be 100% in completing short sales for our sellers. Its important you hire a short sale specialist with experience with your bank.

We just got this short sale approved in 34 days from contract. The seller was forgiven over 100k
http://www.my1245shortsale.com/

Quick Facts

Hardship: Upside Down on the mortgage, lost job

List Date: 12/23/2011
Contract Date: 12/26/2011
Approval Date: 1/30/2012
Close Date: 2/08/2012

Result: Full deficiency waiver for our seller.

This was our quickest and easiest BOA Bank of America short sale. It took only 34 days to get the approval letter and the seller was forgiven over 100k and does not have to pay anything back. Every BOA file is different.  We have another one right now that is taking 80+ days but should be approved soon.  But we have closed every BOA Bank of America short sale we have had!

If you would like a referral to a tax professional with short sale experience, contact us at Nate@1245team.com

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.

See the Approval letter here








Indymac - Service Link / SLS Specialized Loan Service Short Sale Approval Letter - Penderbrook Square, Fairfax, VA

12163 Penderview Terrace, Fairfax, VA 22033 - Penderbrook Square 1bd/1ba - $146,000
Indymac - Service Link / SLS Specialized Loan Service

We continue to be 100% in completing short sales for our sellers. Its important you hire a short sale specialist with experience with your bank.

We just got this short sale approved in 115 days from contract.  The seller was forgiven over 100k. For Short Sale FAQ's visit:
http://www.my1245shortsale.com/

Quick Facts


Hardship: Upside Down on the mortgage, outgrew the condo

List Date: 10/06/2011
Contract Date: 10/10/2011
Approval Date: 1st loan - 1/17/2012 & 2nd loan 1/31/2012
Close Date: 2/08/2012

Result: Full deficiency waiver for our seller.

This one was one of our more difficult short sales.  That only means it took it a little bit longer to get what we wanted.  Indymacs servicer Service link kept wanting alot more money than the property was worth.  We had to dispute the BPO with Fannie Mae.  This took some time, but we finally got the number to where we needed it.  SLS Specialized Loan Service intially wanted a larger payout to forgive the debt but after a few rounds of negotiations we got them to accept 10% of the loan balance. Our seller only had to give them a cash contribution of $2,240 because Indymac paid the rest.

If you have any questions concerning Indymac - Service Link / SLS Specialized Loan Service Short Sales Contact Us. We have a proven record with Indymac - Service Link / SLS Specialized Loan Service (Preforeclosure) Short Sales. We can help you with Indymac - Service Link / SLS Specialized Loan Service Short Sale in Virginia & Maryland.



See the Approval letter for 1st Loan

2nd loan approval letter





2 Short Sales Approved this week. January 18th VHDA & Seterus / First Horizon Metlife

We just got two more short sales approved this week.  Full Deficiency waivers for our sellers!

More details coming soon.

1 with VHDA

1 with Seterus & First Horizon/Metlife/First Tennesse

VHDA Short Sale Approval Cheshire Ridge Cir Townes at Compton Farm Manassas, VA

9786 Cheshire Ridge Cir, Manassas, VA 20110 - 4bd/3ba Townhome. $235,000
VHDA Loan

We continue to be 100% in completing short sales for our sellers. Its important you hire a short sale specialist with experience with your bank.

We just got this short sale approved in 42 days from contract!! The seller was forgiven over 100k
http://www.my1245shortsale.com/

Quick Facts

Hardship: Upside Down on the mortgage and going through a divorce

List Date: 11/08/2011
Contract Date: 11/28/2011
Approval Date: 1/09/2012
Close Date: 2/13/2012

Result: Full deficiency waiver for our seller.

VHDA is different than most banks.  They are not reimbursed from the government after completing the short sale. They take the entire hit themselves. Because of this they fight a little bit harder on the short sale.  You have to have a good hardship, otherwise they will want more money from you.  In this case the sellers were going through a divorce and kids were involved.  They granted our sellers full deficiency waiver. They only had to bring to closing $5,000 cash contribution to be forgiven over $100k.  They did elect however to do a promissory note for $5,000 because they did not have cash on hand.

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

See the Approval Letter Here




Do I have to pay the difference if I do a short sale?

Today we’re going to address delinquencies and a inquiry that we get quite a bit from our clients. The question is “Do I have to pay the difference between what my house sells for and the amount I owe on the home after I do a short sale?” The simple answer is, in most cases, no you don’t; however, it’s generally not that cut and dry.

There are a couple of various situations in which you may be responsible for the difference, such as having a home equity line of credit. Some loans, such as construction loans and lot loans, require the homeowner to pay the difference back.

If you’re not sure and want more information, by speaking to us and allowing us to ask you a few questions we can determine whether or not your loan is one that would fall under the deficiency rights or non-deficiency rights. There’s a very good chance that we will be able to negotiate with your lender so that you will not owe any of the money back to the lender.

Many agents out there, even though you are not liable for the deficiency, will create one for you because of their inexperience. Avoid letting an inexperienced agent practice a short sale on your property and get in touch with us, the 12:45 Team, one of the most experienced short sale businesses in the area. We have a 100% success rate when it comes to short sales, which is something no one else in the industry can say.

If you have any questions or want more information regarding short sales, please give us a call and allow to help you. We’ll always provide you with the finest customer service and the most up to date information with regards to short sales in the Northern Virginia/MD area.