Chase Mortgage Short Sale & SLS Specialized Loan Service The Reserve Manassas Park

If you have a condo at The Reserve Manassas Park, let us help you do a short sale so you do not waste away your life savings on a condo over 150k upside down.

Chase Mortgage Short Sale & SLS Specialized Loan Service  The Reserve Manassas Park Real Estate Agent Virginia & Maryland

9711 Handerson Place, Manassas Park 20111 - 2bd/2ba with garage - $140,000
We continue to be 100% in completing short sales for our sellers. Its important you hire a short sale specialist with experience with your bank.

We just got this short sale approved. The seller was forgiven over 145k
For Short Sale FAQ's visit:
http://www.my1245shortsale.com/

Quick Facts

Hardship: Upside Down on the mortgage, place was to small, paying more in mortgage then they would if they were to rent the same place.

List Date: 01/12/2012
Final Approval Date: 7/17/2012
Close Date: 7/30/2012

Result: Full deficiency waiver for our seller.
This short sale was definately interesting but we got it done again for our clients!  Chase, who normally is very easy to do a short sale with, gave us complications early on.  They denied the file twice because they said the seller could afford the property.  If anyone knows the properties at The Reserve, most of these are upside down by over 150k!!  So my client was not going to keep this property for the next 20 years and throw away his life savings. 

So we were persistant and escalated the file.  What do you know they approved it! It just took alot longer than most of our short sales.  Most are getting done in 90 days.  This one took 6 months.  But our client was forgiven over 150k! 
If you would like for us to refer you to a tax professional with short sale experience, conact us at Nate@1245team.com

If you have any questions concerning Chase Mortgage Short Sales or SLS Specialized Loan Service Contact Us. We have a proven record with Chase Mortgage(Preforeclosure) SLS Specialized Loan Service Short Sales. We can help you with Chase Mortgage Short Sale SLS Specialized Loan Service in Virginia & Maryland.

  

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When Can I Buy After A Short Sale?

Our lender put together these responses to when you can buy after doing a short sale.

** Myself and our past clients are going through a credit repair company to remove the short sale (and other negative items) completely from our credit. This time frame is typically less than 6 months.  Contact me for more info.

2012’ FHA Waiting Guidelines

Bankruptcy – You may apply for an FHA insured loan after your bankruptcy has been discharged for TWO (2) years with a Chapter 7 Bankruptcy.

You may apply for an FHA insured loan after your bankruptcy has been discharged for ONE (1) year with a Chapter 13 Bankruptcy

Foreclosure - You may apply for an FHA insured loan THREE (3) years after the sale/deed transfer date.

Short Sale / Notice of Default – You may apply for an FHA insured loan THREE (3) years after the sale date of your short sale, if you had mortgage lates. FHA treats a short sale the same as a Foreclosure for now. If you did not have mortgage lates and did what is called a “non delinquent” short sale, you may be eligible to purchase again right away with no waiting period.

Credit must be re-established with a minimum 620 credit score

2012’ VA Waiting Guidelines

Bankruptcy – There is no waiting period to apply for a VA loan, assuming credit has been re-established and you have a 620-640 credit score.

Foreclosure - There is no waiting period to apply for a VA loan, assuming credit has been re-established and you have a 620-640 credit score.

Short Sale - There is no waiting period to apply for a VA loan, assuming credit has been re-established and you have a 620-640 credit score. (Unless the short sale was a VA loan then restrictions may apply)

Credit must be re-established with a minimum 620 credit score

2012’ Conventional Waiting Guidelines (Fannie Mae)

Bankruptcy – You may apply for a Conventional, Fannie Mae loan after your bankruptcy has been discharged for FOUR (4) years.

Foreclosure - You may apply for a Conventional, Fannie Mae loan SEVEN (7) years after the sale date of your foreclosure. Additional qualifying requirements may apply,

Short Sale / Deed in Lieu of Foreclosure -

TWO (2) Years up to Maximum 80% Loan to Value | 20% Down Payment

FOUR (4) Years up to Maximum 90% Loan to Value | 10% Down Payment – Subject to Private Mortgage Insurance underwriting guidelines.

SEVEN (7) Years above 90% Loan to Value | with less than 10% Down Payment – Subject to Private Mortgage Insurance underwriting guidelines.

Credit must be re-established with a minimum 660 credit score

Fannie Mae has reduced waiting periods in cases of extenuating circumstances – The death of a primary wage earner seems to be the only one I have been able to identify up to this point.

What to do in preparing to buy again after bankruptcy (BK), short sale or foreclosure?

You should begin with a credit review, at least six (6) months before you are ready to buy again.

Quite often there are things left over on your credit report that can delay your ability to qualify.

With a little head start and good advice, we can get your credit in line to qualify for financing and be ready to buy again.

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