My Short Sale! Approved - Chase Mortgage

As most of you know, I was going through a short sale for sometime.  I bought an investment condo in Charlottesville at the height of the market and what do you know, it lost 90k in value. Not only did it lose value, but my rental income was decreasing and I started losing $5,000 a year.  And unfortunately I put $30,000 down on the property.  Poof gone!

I had to make a business decision and cut my losses. It made absolutely NO sense to keep the property. It would take 10+ years to just break even and I would not really be breaking even because I was losing $5,000 a year..

But I am happy to say I finally got my short sale approved and it closed in January 2012!

My mortgage was with Chase and I have a full deficiency waiver.

A short sale is honestly the best way to to go. I have helped numerous friends and family members complete short sales also. We would be honored to help you through your short sale.

See the approval letter here.

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Strategic Short Sale ?!

What is a Strategic Short Sale?

       Not having a true hardship, other than the fact that your home is upside down in value.

After looking at all of our short sale cases since last year and talking with agents that do over a 150 short sales a year.  We came to the conclusion like them, you do not have to have a true hardship to do a short sale. We have helped many investors short sale their rental properties because it did not make financial sense anymore.  The same is true for homeowners.  You look around and everyone else is short selling their home, well you are now faced with a hard decision.  But this decision can impact your future forever.  Think about it.  You are basically renting your home right now.  Your mortgage payments may or may not be going up in the future.  You are not making a dent in the amount owed to the bank.  Are you going to stay in this home forever ?  The values of home sales that we saw in 2005-2007 are not coming back anytime soon and not in the next 10 years.  So your faced with a decision.   Yes there are other strategic options but the only one that makes sense at the end of the day, is short selling.

I had to make this strategic decision myself on my condo in Charlottesville, VA.  I bought at the height of the market.  There was supposed to be an extra 40k in equity in the condo, when I bought!  I even put a 30k downpayment on the property.  I now owed $110,000.   Well you know what happens next.  Rental prices are being forced down because of an influx in inventory.  Then the market crashed.  Now all of sudden, I am losing $5,000 a year on what is supposed to be making me money.  The condo is now worth 60k. I had to ask myself if taking a small hit on my credit was worth it to me.  $5,000 a year for 5-10 years, not including vacancy on my rental. And then I try to sell and im still under water ?  Nope not for me.

We have some awesome information on everything short sales on this website.  Take some time to get educated.  We know what its like to go through this short sale process. And we want to help you recover and start over fresh.  Your financial future is very important to us.

When your ready to see what the next step is.   Contact us for a free consultation over the phone.

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Testimonials

Don't just take our word for it. See what our past clients are saying about our short sale team.  Click on the Testimonial page for the most recent testimonials.

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Wells Fargo Citi Short Sale Approval Letter 2287 Hunters Run Drive Reston, VA

2287 Hunters Run Drive, Reston, VA Wells Fargo & Citi Mortgage Short Sale

We continue to be 100% in successfully completing short sales for our sellers.

We just got this short sale approved!! The seller was forgiven over 100k
http://www.my1245shortsale.com/

Quick Facts

Hardship: Upside Down on the mortgage, loss of renters

List Date: 9/02/2011
Contract Date: 10/12/2011
Approval Date: 11/17/2011
Close Date: 12/15/2011
Result: Full deficiency waiver for our seller.

The seller of this condo is a good friend of mine.  She bought at the height of the market, moved out the area and was renting it out at a loss. I explained to her what a short sale was and that its the best option for her. I highly recommend doing a short sale to my friends and family as well, as you can see here. Wells Fargo & Citi worked very fast for us on this short sale. As you can see, we had full approval on this short sale from Wells Fargo & Citi in 35 days!  Thats really good.  The better news is the seller was forgiven over 100k in deficiency that she would have had to pay the banks back.  Our seller bought this place and lived in it for a few years and then moved out.  After moving out she had renters in the property.  During this time she was losing money each month in addition to be upside down on her mortgage. Her renter broke his lease and she decided a short sale was her best option.

If you have any questions concerning Wells Fargo or Citi Mortgage Short Sales Contact Us. We have a proven record with Wells Fargo & Citi Mortgage Short Sales . We can help you with Wells Fargo or Citi Mortgage Short Sale in Virginia & Maryland.

Wells Fargo Approval Letter Click Here

Citi Mortgage Approval Letter Click Here

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BOA Bank of America Short Sale Approval Letter, Penderbrook Square Fairfax, VA 12152 Penderview Terrace

BOA Bank of America Short Sale Approval Letter, Penderbrook Square Fairfax, VA 12152 Penderview Terrace - 2 bedroom condo. $173,000
We are now 29 for 29 in successfully completing short sales for our sellers.

We just got this short sale approved!!  The seller was forgiven over 100k
http://www.my1245shortsale.com/

Quick Facts

Hardship:  Upside Down on the mortgage, Home is to small

List Date: 7/08/2011 
Contract Date: 7/28/2011
Approval Date: 11/02/2011
Close Date: 11/10/2011
Result: Full deficiency waiver for our seller.

BOA short sale. Bank of America caused a few issues on this but actually it was the Mortgage Insurance company on the 2nd loan that was the issue.  So this took a little bit longer than normal. Basically if one of the loans has mortgage insurance, it can be tricky.  They have to approve the short sale also and they dont care if it goes to foreclosure because they have to pay the same amount in claims in a short sale or foreclosure. So they sometimes make unreasonable requests.  After fighting them for a couple weeks we came to terms on a small promissory note. Intially they wanted over $7,500 in cash contribution to go along with the promissory note, but we got them to waive that. The sellers were in fact forgiven over 100k in deficiency.  So we were pretty excited about this accomplishment.

If you have any questions concerning BOA Bank of America Short Sales Contact Us. We have a proven record with BOA Bank of America (Preforeclosure) Short Sales. We can help you with BOA Bank of America Short Sale in Virginia & Maryland.

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Bank of America BOA Short Sale - Penderbrook Square 3918 Penderview Drive Fairfax

3918 Penderview Drive, Fairfax, VA 22033  -  Penderbrook Square - 1 bedroom condo. $143,000
Bank of America BOA

We are now 27 for 27 in successfully completing short sales for our sellers.
We just got this short sale approved in 36 days from contract!!  The seller was forgiven over 100k
http://www.my1245shortsale.com/

Quick Facts

Hardship: To Much Debt, Loss of renter, Upside Down on the mortgage

List Date: 9/1/2011 
Contract Date: 9/2/2011
Approval Date: 10/08/2011
Close Date: 11/10/11
Result: Full deficiency waiver for our seller.

BOA short sale. Bank of America was very quick and we had no issues.  They did initially send us an approval letter with the seller having to pay the bank back over 100k  but we negotiated and are having our seller contribute $1,300 to be forgiven and not pay the bank back!

If you have any questions concerning BOA Bank of America Short Sales Contact Us. We have a proven record with BOA Bank of America (Preforeclosure) Short Sales. We can help you with BOA Bank of America Short Sale in Virginia & Maryland.

We will be posting testimonial and the approval letter shortly

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Acacia Wells Fargo Short Sale Approval Letter Penderbrook Square 12159 Penderview Terrace Fairfax, VA

We just got this short sale approved and closed  with Acacia and Wells Fargo!!! 12159 Penderview Terrace. October 14, 2011

http://www.my1245shortsale.com/



Quick Facts
Hardship: To Much Debt, Upside Down on the mortgage, place is to small
Days for Approval: We got this approval letter in 73 days from contract ratification.
Amount Forgiven: Over $100,000 and the seller does not have to pay the bank back!

We did not have any problems with Acacia or Wells Fargo.  We had some slight delays with both lenders but overcame both problems.  Acacia did not want to start the process, so we had to escalate to the president of Acacia to get him to move this file along.  Wells Fargo was fighting us because they believe our client could afford the place.  She could but she no longer wanted it as it was upside down. We negotiated and got both of these banks to full approve the short sale and waive the deficiency.
Here's the Acacia and Wells Fargo short sale approval letter. The banks states "The preforclosure sale may have an impact on your income taxes. You should consult with your tax preparation professional. Additionally this transaction will be reported to the credit bureau as 'Settled in full for less than total payoff.'" According to the tax attorney, this is a good letter. Since this was her primary residence, she will not have to pay taxes on the forgiven amount.

If you have any questions concerning Acacia and Wells Fargo Short Sales Contact Us. We have a proven record with Acacia and Wells Fargo (Preforeclosure) Short Sales. We can help you with Acacia and Wells Fargo Short Sales in Virginia & Maryland.

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Cinderella's Ball - A Night To Remember

This past Saturday I had the privilege of taking my oldest daughter Kaylee to a Cinderella Ball (Father Daughter Dance) It was a local event with over 150 Fathers and their daughters attending.  It was a special time for us and others to spend this time with our girls and Kaylee loves dancing. 

During the event, I found out why this local church put the event on.  It was really neat to hear that the princesses and parents all volunteered their time for one main purpose.  To raise money for the poor children in DC who struggle to get their next meal.  The event was a success and raised over $4,500!

Our real estate team, the 12:45 Team have a big mission this year also and that's to give $20,000 back to the 3 charities we support.  We are really close to hitting this # and we could use your help.  We want to hear what organizations you support either with your time or money.  We want to help support them monetarily also.   Just email me back today to find out how we are willing to support organizations that you care deeply about.

natejohnson@1245team.com

- Nate

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Your Credit After A Short Sale

Wow I am just speechless at the credit repair company the 12:45 Team is partnering with now. I am about to go through this program myself and we are putting some of our past clients through this program as we speak.

In a nutshell (yes this sounds to good to be true, but keep reading and then contact me asap)  this company will remove all negative items on your credit report!  That means once your short sale is completed and reported as a negative item on your credit report, this company will get it removed and your credit will be back to normal!

This is huge! We have always stressed to our clients to ask themselves, if you were forgiven over 100k and did not have to pay the bank back and were able to sell your home, how much was this worth to you to have a 18-24 month hit on your credit.  This honestly is the hold up for most people in doing a short sale.  Now you don't even have to worry about this. 

Contact me for more information about this.

We will also be keeping everyone updated on the progress of our past clients going through this program and we will have video testimonials :)

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