Facing Foreclosure: A Special Report from Cyberhomes.com

Facing Foreclosure: A Special Report from Cyberhomes.com

Most popular mortgage apps for iPhone | Inman News

Most popular mortgage apps for iPhone | Inman News

Qualifying for a Short Sale in Fairfax County

Short Sale Hardships – Qualifying For A Short Sale

Since the decline of the real estate market began in 2007, many homeowners have seen their property values decline, and are in a situation where they owe more than the property is worth. Many of these homeowners think they are entitled to a short sale because they lost equity; Unfortunately, just because your home’s value has declined,you don’t necessarily have a valid hardship. Lenders will consider short sales for a homeowner only if they experience the following hardships:

• Job Loss or loss of income
  
• Business Failure/Unemployment
• Illness And Medical Costs
• Divorce
• Death Of Spouse
• Natural Disasters
• Bankruptcy

Here are a few examples that do not constitute a hardship:

• Bad Purchase Decision/Overpaid for the home
• Unhappy With Location
• Pregnancy
• Walk Away
  
• Home Value Declined/Loss Of Equity

The lender(s) will need additional proof:, there are three more things a lender will require to qualify you for a short sale.

Home’s Value Has Dropped –You must provide comparable sales that show your home is worth less than what you paid.

Mortgage Is Near Or In Default - Although you don’t have to be in default to qualify for a short sale, you have to prove that if action isn’t taken soon, you will eventually default. It used to be that lenders would only consider a short sale if the owner was in default, but this changed as lenders realized there are other factors that can contribute to a default.

Seller Has No Assets – The lender will request copies of recent tax returns, financial statements, and will ask if you own any other real property. If the lender discovers you have the ability to pay the shortfall, they will not approve your short sale.

If you have assets, but not enough to cover the shortfall, the lender may still approve the short sale. If you have money in savings accounts, a 401k, IRA’s, stocks, or if you have equity in another property, the lender will require that you pay a part of the short sale deficiency before pursuing a short sale, contact an experienced short sale agent, and always seek legal counsel. Qualifying for a short sale can be very difficult, but if you feel you have a valid hardship, a short sale is the best alternative to foreclosure.

Foreclosure Freeze

Foreclosures are setting new tremors across the country as a result of new revelations about possible botched foreclosure affidavits. An elaborate system designed to assure good title to your home and solid assets on lender books has shaken up the banking industry.

Courts rely on sworn affidavits as evidence and it appears that a large number of affidavits were signed and not read. If an affidavit has not been read, then it is possible that lender claims are wrong. Since it is not clear which affidavits are accurate and which are not, massive numbers of audits will now be required to find out if owners have unfairly lost their homes. Court systems and title insurance companies are now beginning to tighten standards to protect homeowners. Many areas have set up foreclosure freezes and state prosecutors have begun to investigate past foreclosures for evidence of fraud. Because homeowners have missed payments, few foreclosures are likely to be reversed as a result of affidavit uncertainties; however, other questions bring uncertainty within the financial system.

At a time when a quarter of all residential sales involve foreclosures, it is in everyone's best interest to be certain that titles are clear and court actions are property conducted.

Chances are...you or someone you know is facing the possibility of foreclosure. But you need to understand that you are not alone!

Today, 1 out of every 6 homeowners in America is behind on mortgage payments. These are tough and frustrating times. Now more than ever, it's important to identify your options. Foreclosure can be avoided, your credit can be saved and your financial future can be salvaged.

Through my experience handling distressed properties, I've found that homeowners today have more questions than answers about their circumstances. I have created a website http://www.fairfaxcounty-shortsales.com/ to help you understand the possible solutions to foreclosure, as well as to provide a detailed explanation of short sales, which could be the best course of action for some homeowners.

Q: What Happens When I Miss My Mortgage Payments?

Foreclosure may occur. This is the legal means that yur lender can use to repossess (take over) your home. When this happens, you must move out of your house. If your property is worth less than the toal amount you own on your mortgage loan, a deficiency judgment could be pursued. If that happens, you not only lose your home, but you may also owe the loss to the lender(s) in a deficiency judgment. Both foreclosures and deficiency judgments could seriously affect your ability to qualify for credit in the future. So you should avoid foreclosure if at all possible.

Q: What Should I Do?

1. DO NOT IGNORE THE LETTERS FROM YOUR LENDER. If you have having problems making your payments, call or write your lender without delay. Explain your situation. Be prepared to provide them with financial information, such as your monthly income and expenses. Without this information, they may not be able to help.
2. Stay in your home for now. You may not qualify for assistance if you abandon your property.
3. Seek expert assistance in negotiating with the lenders and exploring alternatives. An experienced distressed property expert can assist you in finding alternatives to foreclosure. As a 30 year real estate veteran and a Certified Distressed Property Expert (CDPE), I can help you through this difficult time and save you from foreclosure.

Q. What Are My Alternatives?
You may be considered for the following:

Special Forbearance. Your lender may be able to arrange a repayment plan based on your financial situation and may even provide for a temporary reduction or suspension of your payments. You may qualify for this if you hae recently experienced a reduction in income or an increase in living expenses. You must furnish the proper financial information to your lender to show that you would be able to meet the requirements of the new payment plan.

Mortgage Modification. You may be able to refinance the debt and/or extend the term of your mortgage loan. This may help you catch up by reducing the monthly payments to a more affordable level. You may qualify if you have recovered from a financial problem and can afford the new payment amount.

Pre-Foreclosure or Short Sale. This will allow you to avoid foreclosure by selling your property for an amount less than the amount necessary to pay off your mortgage loan.

You may qualify if:
1. Your loan is at least 1 month delinquent
2. You are able to sell your house with 3-5 months
3. You owe more than your obligations on the property

Deed-in-lieu of Foreclosure. As a last resort, you may be able to voluntarily "give back" your property to the lender. Thsi won't save your house, but it is not as damaging to your credit rating as a foreclosure.

You may qualify if:
1. You are in default and you don't qualify for any of the other options
2. Your attemps at selling the house before foreclosure were unsuccessful

Q. What the Main Points I Should Remember?
1. Don't lose your home and damage your credit history.
2. Call or write your mortgage lender immediately and be honest about your situation
3. Stay in your home to make sure you qualify for assistance
4. Arrange an appointment with a real estate agent certified and experienced in distressed properties.
5. Explore every alternative to keep your home
6. Beware of scams
7. Do not sign anything you don't understand! And remember that signing over the deed to someone else does not necessarily reliev you of your loan obligation.

Act Now! Delaying Can't Help! If you do nothing you will lose your home and your good credit!

For detailed information visit http://www.fairfaxcounty-shortsales.com/ to learn your options. Sign up for a free report to be emailed to you.

Luxury Garage Townhouse For Sale in Vienna Tysons Near Metro

Click here Gina Pl. to view my virtual tour of this gorgeous townhouse in the heart of Tysons

What is Green? Key Components of a Green Home

What is Green?

Everything seems to be "going green" these days - from cars, to companies, to coffee. However, sometimes it can be hard to tell what that really means, especially when it comes to your current or future home.

Building green means incorporating environmental considerations and resource efficiency into every step of the home building and land development process to minimize environmental impact. During the design, construction, and operation of a home, energy and water efficiency, lot development, resource efficient building design and materials, indoor environmental quality and homeowner maintenance should all be considered. Although we cannot entirely avoid affecting the environment when a house is built, green building can work toward minimizing that environmental impact.

The concept of green building isn't new — our great-grandparents built climate-appropriate homes using locally-available materials. Today's green homes incorporate not only climatic considerations, but are resource and energy efficient, safer for occupants, and often less expensive to maintain.

The 7 Guiding Principles of Green Building

1. Lot Design, Preparation and Development
2. Resource Efficiency
3. Energy Efficiency
4. Water Efficiency
5. Indoor Environment Quality
6. Operation, Maintenance and Homeowner Education
7. Global Impact

Green building will continue to grow over the next five years to $96-$140 billion market despite current negative market conditions. The global green building market today is said to be at around $36-$49 billion for residential and nonresidential buildings compared to the 2005 value of $3bn for nonresidential and $7bn for nonresidential.

"Green building has expanded rapidly due to a number of factors such as growing public awareness of green practices, heavy increase in government interventions, and recognition by owners of the bottom line advantages," says McGraw Hill. "In fact, green building has grown in spite of the market downturn. Green seems to be one area of construction insulated by the downturn, and we expect green building will continue to grow over the next five years despite negative market conditions."

Where Did the Shadow go?

Where Did the Shadow go?

Live, Work, Shop, Play and Ride Metro in Metro West

South of the Vienna-Fairfax-GMU Metro Station and north of Route 29, Pulte Homes has designed a new transit-oriented, mixed-use community that incorporates a variety of town homes, condominiums, apartments, convenience retail, commercial office, day care and public spaces. Metro West creates a new, pedestrian-friendly interface with the Vienna Metro Station, a town center plaza combining retail and public outdoor activity space, pedestrian connections to East Blake Lane Park and a new public use recreation/community center.

The project provides a long-anticipated, four-lane divided boulevard to connect Lee Highway with Vaden Drive Bridge to enhance circulation in and around the Metro Station area. The project anticipates acquisition of surplus land owned by WMATA that will allow the redesign and reconstruction of Saintsbury Drive east of Vaden Drive . The goal is improved pedestrian interface with the Metro Station for the new and existing communities. 

The project includes a bridge crossing of Hatmark Branch and realignment of the City of Fairfax Connector Trail to improve pedestrian connections to the Metro Station and the project from communities west of the park. 

Metro West implements the Policy Plan of Fairfax County by concentrating development next to a Metro station. It furthers the Smart Growth Principles of the Metropolitan Washington Council of Governments. The Metro West plan results from a multi-year collaborative effort among neighborhood associations, a citizens’ working group, the Fairfax County Department of Planning and Zoning, the Washington Metropolitan Area Transit Authority and the Virginia Department of Transportation. 

Participation and suggestions from these parties have given Metro West a vastly improved plan. The Smart Growth Alliance, in fact, has recognized the Metro West design as contributing land use, transportation and environmental advantages to Fairfax County and the Washington region.

Community Benefits

Metro West gives neighbors around the region improved, safer access to the Vienna-Fairfax-GMU Metro Station and a creative, balanced and pedestrian-friendly destination, activity, recreation and retail center. Transportation Improved, safer Saintsbury Drive adjacent to Metro frontage Extended Vaden Drive south as boulevard to Route 29/Lee Highway Pedestrian and bicycle connections throughout Metro West to Metro Station and surrounding neighborhoods Resident and worker parking in garages and structures, street parking available for visitors and shoppers Town Center and Community Center A minimum of 100,000 square feet of retail, service, institutional and governmental space, including a 29,700 square foot public community and recreation center and 300,000 square feet of office space Activity center for events, possible in-season ice skating 35 percent of redevelopment area is open space Park, Stream, Trail Improvements Improved access to East Blake Lane Park Network of all-weather pedestrian and bicycle trails to Metro Station and Metro West Pedestrian bridge across Hatmark Branch Office Space and Other Office and retail offer work opportunities for area residents within walking distance of their homes Office workers from outside the area have incentive to use Metro

To view an interactive map and learn more about Metro West visit http://metrowestva.com/siteplan.html.

Pulte, the primary developer of the Metro West mixed use project is prepared to initiate site work and construction of infrastructure improvements in March 2010. Construction of the entire project will take several years to be completed.

Vienna VA Home Prices and Sales as of 2/01/2010 - Average Home Price $629,000

Median List Price

More Vienna Home Values

Oakton VA Home Prices and Values as of 2/01/2010 - Average Home Price $485,000

Median List Price

More Oakton Home Values

Stategic Foreclosure vs Short Sale

Homeowners who owe more on their mortgage than the actual house value are considered “underwater” or “upside down.” The number of Americans in this situation continues to increase. Today, at least one in five homeowners owes more than their home is worth.

The action these homeowners are considering taking is just walking away from their obligation, what is known as a strategic foreclosure.

There are however, drawbacks. A homeowner who defaults on their home loan can face serious consequences:
* The homeowner's credit rating can be severely affected. It could take 7 or more years to recover during which time securing a loan of any kind is almost impossible.
* The borrower could be held liable for the difference between the actual mortgage and the purchase price when the loan servicer sells the property. This is known as a "deficiency judgment" and lenders can seek repayment for years to come.

There are, however, some states which are non-recourse states. In a non-recourse mortgage state, borrowers are not held personally liable for more than the home’s value at the time that the loan is repaid. The lender may recoup some of its loss through foreclosure. However, the lender may not sue the borrower for additional funds. If the foreclosure sale does not generate enough money to satisfy the loan, the lender must accept the loss.

Each non-recourse state has its own anti-deficiency statutes that prohibit lenders from seeking judgments. In a few cases, anti-deficiency statues do allow lenders to collect a limited amount of money from the borrower (such as the difference between the debt and the fair market value of the property).

Note that in some states (such as California) non-recourse laws apply only to “purchase money” loans (i.e. original home loans that are used to purchase property). Almost all HELOCs and home equity loans are considered recourse loans and lenders for these loans may sue borrowers to recoup loss. (Except in some cases where the second mortgage lender forces the foreclosure. See: HELOC Foreclosures). There has been some speculation that mortgage refinances do not constitute “purchase money” loans. However, there have been no cases to determine this issue one way or the other.

Anti-Deficiency / Non-Recourse States

Alaska, Arizona, California, Connecticut, Florida, Idaho, Minnesota, North Carolina, North Dakota, Texas, Utah, and Washington

One Action States

In some states, lenders are only permitted a single lawsuit to collect mortgage debt. This plays out differently depending on the state’s laws. In New York, for example, a lender must choose between the actions of foreclosing on the property or suing to collect the debt. The following states have some type of one action statute:

California, Idaho, Montana, Nevada, New York, and Utah

Often, a successful short sale mitigates the consequences and may cause the lender in a recourse state to decide to not pursue a deficiency judgment. Foreclosure is a last option.  

If you are "underwater" or considering walking away from your mortgage obligation, please consider pursuing a short sale. I have the training and expertise to assist you in your negotiations with the lender. Please contact me for a free, no-obligation appointment.