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Another Short Sale Approved In Lake Ridge Virginia. Do You Need Help?

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Real Estate Agent with SAMSON PROPERTIES 0225018862

             Another Short Sale Approved! 

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

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

Where is the logic in that decision?                              1948 Rainbow Ct, Woodbridge VA 22192

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

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

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

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

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

 

         Sell Your Home Fast


                   Visit Erick and Company.com for more information

Erick and Company Top Selling Realtors Woodbridge VA 

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Peggy James

Woodbridge Virginia Area Real Estate Specialist
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Service Areas

  • Woodbridge, VA
  • Prince William County, VA
  • Lake Ridge, Woodbridge
  • Woodbridge, VA
  • Potomac Shores, Dumfries

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Peggy James has been awarded as a Top Local Real Estate Blogger by Active Rain for the Lake Ridge Virginia and surrounding area.Peggy services the area's Lorton, Woodbridge, Lake Ridge, Dumfries and Manassas down to Fredericksburg Virginia.<br></div></div></div> </div> </div> </div> <div id="report-post-modal" class="modal"> <div class="modal-content" title="Report Blog Post"> <form class="row" id="new_concern" action="https://activerain.com/action/blogs_admin/report_entry_concern/991536" accept-charset="UTF-8" method="post"><input name="utf8" type="hidden" value="✓" /><input type="hidden" name="authenticity_token" value="/4QpppcUacOV1upwjdzwBclroBGw8d+TkmQJ73FAmUNOfSJIA/Kyw/sD2FVLj77EO00rQng7JjrKdOlHyCzAPA==" /> <p class="bold col s12">What's the reason you're reporting this blog entry?</p> <select name="concern[issue]" id="concern_issue"><option value="spam">Spam</option> <option value="not_original">Not original content</option> <option value="violation">Violates community guidelines</option></select> <section class="message"> <p class="bold col s12">Are you sure you want to report this blog entry as spam?</p> </section> <div class="col s6"> <input type="submit" name="commit" value="Create Concern" data-disable-with="Create Concern" /> </div> </form> </div> </div> <div id="agent-preview-modal" class="modal"> <div class="modal-content"></div> </div> <script type="text/javascript"> function copyShortUrl() { /* Get the text field */ var copyText = jQuery("#short-url-button").text(); 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