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Bowie, Maryland Short Sales

By Steve Queen

Real Estate Agent with Bennett Realty Solutions

June 27, 2012 11:12 AM

JUST SOLD

This beautiful Bowie, Maryland short sale town home just settled. The owner received $3,000 for relocation through the Homes Affordable Foreclosure Alternative (HAFA) program and a release of the delinquency between what was owed and the amount netted by the bank. Please call Steve Queen for your private consultation at (202) 367-4348 if you need short sale assistance or want to explore your options with selling your home.

4010 Estevez Ct Bowie, MD 20716

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The only way to describe this home is INCREDIBLE!! This home is located in the highly sort after Covington Estates sub division. This home exemplifies a town home home at its best. You will admire the fine craftsmanship and beauty of this pristine home instantly upon arrival. This 3 bedroom 2 1/2 full bath magnificent home is beautiful from top to bottom. . Enter and enjoy the gleaming hardwood floors. Enjoy your meals in the open kitchen that features ample cabinet space. Recline in the family room or the fully finished includes a fire place and recessed lighting. The basement includes a half bath and a fireplace. And finally, retire to the Master suite that embraces a master bath fit for a king and Queen. The master bath includes a soaking tub, separate shower and dual vanities. There is also a walk in closet. This home will leave nothing to be desired. Call Steve Queen for your personal tour at 202-367-4348. View this home and all others available in Maryland, Virginia and the District of Columbia at www.stevequeen.com

MLS# PG7764269 $175,000 3 Bed, 2 1/2 Bath 4010 Estevez Ct Bowie MD, 20716	Steve Queen EXIT BENNETT REALTY 301-459-5040

THE COMPLETE BOWIE HOME BUYING & SELLING GUIDE!

To view all available Bowie properties for sale please click here. To view all available Bowie foreclosure properties please click here. To view all of available Bowie short sale properties please click here. To view all available Bowie single family homes please click here. To view all available Bowie condo & townhouses please click here. To view all properties through out Maryland, Virginia and the District of Columbia please click here.

Is the Home Affordable Foreclosure Alternatives program right for me?

Program goal

The Home Affordable Foreclosure Alternatives (HAFA) program was developed to give homeowners a way to settle their mortgage debt without going through a foreclosure.

The goal of this program is to help you sell your home in a short sale and settle your mortgage debt if you owe more on your mortgage than your house is worth and are unable to qualify for a home loan assistance program.

This federal government program streamlines the short sale approval process and offers financial assistance to help you with relocation.

Eligibility

You may be eligible for the Home Affordable Foreclosure Alternatives program if:

the property is your current principal residence, OR the property has been vacant or rented out for less than 12 months, and you have not bought another principal residence during that time.

the amount you owe on your first mortgage for your property is equal to or less than:

$729,750 for 1 unit
$934,200 for 2 units
$1,129,250 for 3 units
$1,403,400 for 4 units

you owe more on your home than it’s worth

your current mortgage was taken out on or before January 1, 2009

you are experiencing a hardship (such as a job loss, divorce or medical emergency) and are unable to afford your current home loan

How will the Home Affordable Foreclosure Alternatives program affect my credit?

If you are not eligible

Program at a glance

Step 1: Call us to request a HAFA short sale and update us on your current financial situation. We’ll review your information and check your eligibility for a Home Affordable Modification or any other home retention program that would enable you to stay in your home.
Step 2: If you don’t qualify for a modification and want to sell your home, we’ll work to gain approval of your first mortgage HAFA short sale request. If you have a second mortgage with another lender, you will have to ask them for approval.
Step 3: You will be given time to market and sell your home — typically 120 calendar days. You are required to work with a licensed real estate professional.
Step 4: Once you receive an offer, you have 3 calendar days to submit a Request for Approval of a Short Sale document as well as the offer letter. We’ll get back to you with a decision on the offer within 10 business days.
Step 5: If the offer is accepted, your house is sold and your mortgage and any other loans against the home are settled from the proceeds of the sale.

Get more details on the steps of a HAFA short sale.

Get Started

How do I get started with a Home Affordable Foreclosure Alternatives program?

Before we begin

To start the Home Affordable Foreclosure Alternatives (HAFA) program you need to call us to request to sell your home in a short sale.

If you haven’t applied for a Home Affordable Modification prior to requesting a short sale, we’ll check to see if you meet that program’s eligibility requirements first. To do this you’ll need to update us on your financial information.

Let us help you

Call us today at:
1.866.880.1232

8am-10pm EST Mon-Fri
9am-5:30pm EST Sat

Call Information Sheet » Opens a New Window.

To help you keep track of important deadlines and take notes during the call, please print out this form prior to calling.

Next Steps

Now that I’m in the process, what’s next?

If you’re in the process of selling your home in the Home Affordable Foreclosure Alternatives (HAFA) program, we can help you understand what you need to do next.

I have requested a HAFA short sale.

Once you’ve requested a short sale, you’ll have to update us on your current financial situation. As part of the Home Affordable Foreclosure Alternatives program, we’ll review your information and check your eligibility for a Home Affordable Modification or other home retention programs that would reduce your monthly payments to enable you to stay in your home.

If you do not qualify for a modification or no longer wish to stay in your home, then we’ll begin to work with you on a short sale.

Are there resources that can help me in areas other than my mortgage, such as finding rental housing?

If my mortgage is not owned by Fannie Mae or Freddie Mac, can you help me understand those specific Home Affordable Foreclosure Alternatives program requirements and procedures?

Next. Approval Page.

I’m preparing to put my home on the market.

We’ll need to determine an acceptable price for you to market your home. You may have heard this referred to as a fair market value. To determine the fair market value, we’ll order a valuation of your home.

We’ll also work with all parties necessary to approve your first mortgage HAFA short sale request. Even if you are pursuing a short sale with us, in most cases, there is a third party that has ownership of the loan. We will need their approval in order to finalize the short sale.

If the sale is approved, you’ll receive a Short Sale Agreement with the acceptable offer price for your home. You’ll need to sign and return this agreement to us within 14 calendar days.

If you have a Bank of America home equity loan or line of credit (also referred to as a second lien), we’ll take care of getting approvals for your HAFA short sale request. But, if your home equity loan or line of credit is with another lender, you will have to contact that lender and have them sign a Second Lien Release form before any offer can be considered. To avoid any delays, it’s in your best interest to contact them right away.

What if I'm not accepted into the Home Affordable Foreclosure Alternatives program?

Are there resources that can help me in areas other than my mortgage, such as finding rental housing?

If my mortgage is not owned by Fannie Mae or Freddie Mac, can you help me understand those specific Home Affordable Foreclosure Alternatives program requirements and procedures?

I am trying to find a buyer.

Under a HAFA short sale, you are required to work with a licensed real estate professional. We strongly recommend working with an agent who has experience with short sales. They can help guide you through the process, and you won't have to pay the cost of the agent since they’ll be paid from the sale of the house.

Typically, you’ll be given 120 calendar days to market and sell your home.

What if I'm unable to sell my home in 120 days?

Are there resources that can help me in areas other than my mortgage, such as finding rental housing?

If my mortgage is not owned by Fannie Mae or Freddie Mac, can you help me understand those specific Home Affordable Foreclosure Alternatives program requirements and procedures?

I have received an offer on my home.

Once you receive an offer, you will have 3 calendar days to submit the offer letter (signed by the buyer) as well as a Request for Approval of a Short Sale. If you have a home equity loan or line of credit (also referred to as a second lien) on your home with another lender, we cannot consider any offer without a signed Second Lien Release form. We’ll get back to you with a decision within 10 business days.

Are there resources that can help me in areas other than my mortgage, such as finding rental housing?

If my mortgage is not owned by Fannie Mae or Freddie Mac, can you help me understand those specific Home Affordable Foreclosure Alternatives program requirements and procedures?

The offer on my home was accepted.

Once we accept the offer, we will provide you with an approval letter releasing the home for purchase. With everything in order, final documents will be prepared for closing. You will receive a letter outlining the details of the sale of your home and a set of the documents that must be signed, notarized and returned to us before your HAFA short sale can be completed.

As with any home sale, unless otherwise negotiated, you will need to move out of your house by the closing date. At the closing, you will receive $3,000 to help you with your relocation expenses. The sale of your house is now finalized and your mortgage and any other loans against the home are settled from the proceeds of the sale. Under the Home Affordable Foreclosure Alternatives program, you are fully relieved of any obligation to repay the mortgage.

How will my budget be affected now that I don't have a mortgage payment?

Are there resources that can help me in areas other than my mortgage, such as finding rental housing?

If my mortgage is not owned by Fannie Mae or Freddie Mac, can you help me understand those specific Home Affordable Foreclosure Alternatives program requirements and procedures?

Home Loan Assistance Frequently Asked Questions

I have received a foreclosure notice. Can I still do a HAFA short sale?

It may be possible, depending on your loan and circumstances. Please call us at 1.866.880.1232 to discuss your options.

Will I receive any money from the HAFA short sale of my home?

What if I don’t sell my home within the allowed 120 days?

Bowie Maryland Short Sales - Bowie short sale... by squeenofexit

Because buying or selling a home is a big decision, Steve Queen with Exit Bennett Realty is your Real Estate Expert in Bowie, Upper Marlboro, Greenbelt, Lanham, Laurel, Glenn Dale ,Crofton, Glen Burnie, Clinton, Hyattsville and all other cities in Maryland and the District Of Columbia. You will have step by step guidance to access resources to make the transaction smooth. Call me today at (202) 367-4348. You are my #1 priority. Please give me the opportunity to prove it.

View foreclosures, homes for rent or purchase as well as obtain valuable information on the home buying and selling process at www.stevequeen.com. I specialize in Short Sales.