These are the New Short Sale Rules, effective November 1st, 2012:

 

If you are current on your mortgage, you can still qualify for a short sale if you:

are relocating more than 50 miles away (including military), going through divorce, have a permanent disability or other illness, or if the borrower or co-borrower has passed away.

If you are 90 days or more late:

and your credit score is 620 or less, you automatically qualify regardless of existence of hardship.

Second Lien Payoffs:

are standardized at $6000.00 and if there is a second lien where Freddie or Fannie is the first trust, there is deficiency waiver.

Fannie Mae and Freddie Mac are waiving deficiencies, but they reserve the right to ask for a borrower contribution or promissory note at closing. Deficiency waiver language will be included in the approval letters on Fannie/Freddie loans.

For investors: Deed restrictions: property can't be resold for 30 days, or for more than 120% in 90 days.

  

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Cathy Valdiviez Baumbusch, International Real Estate Specialist REALTOR, CRS, ABR, CDPE, IRES, e-PRO Licensed in VA, MD, and DC. DIRECT: 202-630-2MOV    FAX(toll free): 866-508-5743 RE/MAX Executives, 4000 Legato Rd., Fairfax, VA 22030, (703) 449-RMAX, OR in Del Ray at 2715 Mt. Vernon Ave., Alexandria, VA 22301.

Cathy is a real estate professional and proud affiliate of RE/MAX EXECUTIVES, who has lived in the DC Metro area since 1996. She currently lives in West Springfield, VA. She has been licensed since 2001 and serves clients in Virginia, Maryland and the District of Columbia.

Cathy's service area includes Fairfax County (with a special emphasis on Alexandria and Springfield, VA), Arlington, Falls Church, Loudoun, Prince William, Prince George's, and Montgomery Counties, and of course, Washington, DC. She specializes in short sales, first-time homebuyers, first-time home sellers, move-up buyers, and military.

Cathy is a Certified Distressed Property Expert (CDPE) and has an excellent track record getting short sales approved and closed. Cathy also holds the International Real Estate Specialist designation and can facilitate buying and selling real estate anywhere in the world. Cathy is a MAJOR in the Army Reserve, with a duty assignment at Ft. Dix, NJ. Cathy teaches classes on buying short sales, HUD homes, and foreclosures as well as social media marketing classes for small business through Fairfax County Public Schools Adult and Continuing Education Program. She is also a VHDA Certified Trainer.

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Cathy Baumbusch (cathybREALtor)

Springfield, VA

More about me…

RE/MAX Executives

Address: 4000 Legato Road, Fairfax, VA, 22033

Office Phone: (703) 449-7629

Cell Phone: (703) 969-1691

Email Me

Keeping Real Estate REAL for Washington DC and the surrounding area, including Northern Virginia and Suburban Maryland.


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