Current on Your Mortgage? You CAN Still Do A Short Sale!

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Real Estate Agent with RE/MAX Executives VA0225060364, MD638478

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, REALTOR. Licensed in VA, MD, and DC. 

Red Dress Realty at RE/MAX Executives

DIRECT: 202-630-2MOV 

8442 Old Keene Mill Rd., Springfield, VA, 22152

2704 Richmond Highway, Alexandria, VA 22301

Cathy has lived in the DC Metro area since 1996. She currently lives in West Springfield, VA. Licensed since 2001 and serves clients in Virginia, Maryland and the District of Columbia.

Cathy's service area includes Fairfax County, Alexandria, Arlington, Falls Church in Virginia and Prince George's, and Montgomery County in Maryland., and of course. 

Cathy has an excellent track record getting short sales approved and closed. Cathy can also facilitate buying and selling real estate anywhere in the world. 

Cathy is a VHDA Certified Trainer and she has taught classes on buying short sales, HUD homes, and foreclosures and social media marketing classes through Fairfax County Public Schools Adult and Continuing Education Program. 

Cathy is a retired Army Reserve Major and an accomplished singer with a rock band. She resides in Springfield, VA with her dog and cat.

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