Thursday, December 30, 2010

EMC Mortgage Short Sale SOLD – Ashburn, Virginia Short Sale Expert

Wednesday, December 22, 2010

Anti-Foreclosure Program – Thousands Of Homeowners Strung Along For A Year

Monday, December 20, 2010

Short Sale Just Listed in Fairfax, VA – Acacia Federal Credit Union and Specialized Loan Short Sale

Friday, December 17, 2010

Indymac (One West Bank) Short Sale SOLD in Manassas Park, VA – Jennifer Young Short Sale Expert

Wednesday, December 15, 2010

Short Sale Client Thanks Jennifer Young and Team – Fairfax Short Sale Expert

Tuesday, December 14, 2010

Congressional Oversight Panel Blasts HAMP – Seen by Some Experts as a FAILURE!

Monday, December 13, 2010

Short Sale Just Listed in Stafford, VA – Chase Home Loan Short Sale

Friday, December 10, 2010

2nd Trust Approval for Short Sale in Vienna, VA – Wells Fargo Waives Deficiency Rights

Wednesday, December 08, 2010

Bank of America HAFA Short Sale SOLD by Jennifer Young – Hyattsville, Maryland Short Sale

Tuesday, December 07, 2010

Bank of America HAFA Short Sale SOLD by Jennifer Young – Hyattsville, Maryland Short Sale

Friday, December 03, 2010

Chase 2nd Trust Approved for Short Sale – Vienna, VA Short Sale Going to Closing

Tuesday, November 30, 2010

Wells Fargo Short Sale Approved – Vienna, Virginia Short Sale Deficiency Rights Waived

Wednesday, November 24, 2010

Wells Fargo Short Sale SOLD – Alexandria Short Sale Expert

Tuesday, November 23, 2010

Having Trouble Figuring Out What Lender Actually Owns Your Loan? You’re Not Alone!

Monday, November 22, 2010

Short Sale SOLD in Aldie, VA – CitiMortgage Short Sale SOLD w/ Deficiency Rights Waived

Thursday, November 18, 2010

Falls Church, VA Short Sale Approved – Bank of America Will Not Pay Attorney Fees on Short Sales

Monday, November 08, 2010

Short Sellers Are Being Advised to Go Delinquent on Mortgage Payments!

Friday, November 05, 2010

Virginia Short Sale SOLD – Wells Fargo Short Sale Closes in Centreville, VA – Deficiency Rights Waived

Tuesday, November 02, 2010

Short Sale Approvals Fly In AND Short Sale Closings Spike Up – This After Major Banks Halt Foreclosures!

Monday, November 01, 2010

Chase Short Sale Short Sale SOLD in Locust Grove, VA – Chase Waives Over $300K in Deficiency Rights!

Thursday, October 28, 2010

Will a Short Sale Hurt My Credit Score?

Tuesday, October 26, 2010

Indymac (One West Bank) Short Sale Approved in Less than 30 Days – Deficiency Rights Waived!
43252 CLEARNIGHT TER, Ashburn, VA | Powered by Postlets

Wednesday, October 20, 2010

CitiMortgage Agrees to Accept Payoff as 2nd Lien Holder BEFORE Short Sale Is Even Under Contract and Approved

Tuesday, October 19, 2010

Bank of America Short Sale Approved in Hyattsville, MD – HAFA Short Sale on FHA Loan

Monday, October 18, 2010

Wells Fargo Short Sale Headed to Closing – 2nd Trust HELOC Approved for Short Sale by Wells Fargo

Monday, October 11, 2010

First Horizon (Metlife) and Bank of America Short Sale Listed Today in Culpeper, VA (Culpeper County Short Sale)

Friday, October 08, 2010

Homeowners Late on Mortgage Can Apply for Zero-Interest Loan from HUD!
43271 Chokeberry Sq, Ashburn, VA | Powered by Postlets

Thursday, October 07, 2010

Springfield, VA Short Sale SOLD – Lenders ASC and GMAC Allow Short Sale to Close in Fairfax County

Wednesday, October 06, 2010

Chase Short Sale Approved in Locust Grove, VA – Chase Waives Over $300K in Deficiency
Chase Short Sale Approved in Locust Grove, VA – Chase Waives Over $300K in Deficiency

Tuesday, October 05, 2010

Wells Fargo Short Sales – New Policies Make Getting to Closing Much Tougher

Friday, October 01, 2010

GMAC Ordered to Pay Attorneys Fees Linked to “Bad Faith” Foreclosure Proceedings
JUST LISTED–Wells Fargo Short Sale in RESTON, VA (FAIRFAX COUNTY Short Sale)

Thursday, September 30, 2010

JPMorgan Chase Suspends Foreclosures

Wednesday, September 29, 2010

RUMOR: Rapid Refinance Loan Modification Plan to be Introduced in Congress

Tuesday, September 28, 2010

Fannie Mae Offers Forbearance Option to Wounded Warriors and Surviving Spouses
For Sale: 4BR/3+1BA Single Family House in Bowie, MD, $419,000
8401 BELLA VISTA TER, Fort Washington, MD | Powered by Postlets

Monday, September 27, 2010

Wells Fargo Short Sale Approved – Centreville, VA Short Sale Deficiency Waiver

Friday, September 24, 2010

5615 ASSATEAGUE PL, Manassas, VA | Powered by Postlets

Thursday, September 23, 2010

JUST LISTED–Wells Fargo short sale in Warrenton, VA (Fauquier Short Sale)
Borrowers with US Bank – Is Your Mortgage Upside-Down and You’re Having Trouble Making Payments?

Wednesday, September 22, 2010

Congress Pushing for Legislation That Would Encourage Faster Short Sales

Tuesday, September 21, 2010

Lenders Are Demanding More Detailed Proof of “Qualified Buyer” When Asked to Postpone Foreclosure
JUST LISTED–Central Mortgage and Salem Mortgage short sale in Ashburn, VA (LOUDOUN COUNTY Short Sale)

Monday, September 20, 2010

How do realtors and attorney partners get paid during a short sale?

Friday, September 17, 2010

Credit Suisse Pre-Approves Short Sale in Manassas – Servicer is Select Portfolio Servicing

Tuesday, September 14, 2010

1521 MARGARET ST, Woodbridge, VA | Powered by Postlets

Friday, September 03, 2010

36306 OSBURN RD, Purcellville, VA | Powered by Postlets

Wednesday, September 01, 2010

America’s Servicing Company (ASC) Approves Short Sale in Springfield, VA – Wells Fargo Investor Backed and Approved

Tuesday, August 31, 2010

GMAC Mortgage Approves Short Sale in Springfield, VA – Lender Will Accept 10% of Full Amount Owed

Wednesday, August 25, 2010

Short Sale & Loan Modification Seminar–THIS SATURDAY

Tuesday, August 24, 2010

SBA Lenders Encouraged to Consider Short Sale As An Option to Help Upside Down Borrowers

Wednesday, August 18, 2010

11606 VANTAGE HILL RD 2A, Reston, VA | Powered by Postlets

Tuesday, August 17, 2010

Privatizing Fannie Mae and Freddie Mac?

Monday, August 16, 2010

Home Repossessions Continue to Rise as Banks Clear Backlogs

Friday, August 13, 2010

Suntrust Short Sale Approval for Home in Chesapeake, VA

Wednesday, August 11, 2010

Citibank Short Sale Approved and Deficiency Rights Waived – Culpeper, VA Short Sale

Tuesday, August 10, 2010

Smaller Banks and Credit Unions Holding Off on Helping Borrowers Who Need to Short Sell

Monday, August 09, 2010

HomeEq Servicing Short Sale Approval for Condo in Falls Church, VA (Wells Fargo Short Sale)

Friday, August 06, 2010

Fannie Mae Says Foreclosure Inventory Will Keep Climbing

Wednesday, August 04, 2010

For Sale: 4BR/3+1BA Single Family House in Fairfax, VA, $520,000
Fannie Mae Unveils New Interactive Website to Help Distressed Homeowners

Tuesday, August 03, 2010

EverHome/ First Horizon Short Sale SOLD — Middletown, VA Short Sale Sold

Monday, August 02, 2010

June Real Estate Sales Numbers – Inventory Is Still Down and That’s Driving Sales Prices a Bit Higher in Some Areas

Friday, July 30, 2010

JUST LISTED–Wells Fargo and Citi Short Sale in Manassas Park, VA (MANASSAS PARK CITY Short Sale)

Thursday, July 22, 2010

CitiMortgage Short Sale Approval in Bealeton, VA – Fauquier County Short Sale Approved

Wednesday, July 21, 2010

1.65 Million Homeowners Received Foreclosure Filings in Past 6 Months

Tuesday, July 20, 2010

Notice of Foreclosure from Cardinal Bank for Home in Aldie, VA – JYH Team Fights to Stop It!

Monday, July 19, 2010

Emigrant Mortgage Foreclosure Postponed – Stafford, VA Short Sale Moving Ahead
For Sale: 5BR/4+1BA Single Family House in Mount Airy, MD, $699,900
For Sale: 5BR/3+1BA Single Family House in Burke, VA, $499,900

Friday, July 16, 2010

Everhome Mortgage Short Sale Approved – Middletown, VA – Seller Bought First & Then Did Short Sale

Thursday, July 15, 2010

Short Sale Seminar & Happy Hour Brings In Great Questions from Upside Down Borrowers

Wednesday, July 14, 2010

Thousands of Foreclosure Cancellations Attributed to HAFA Short Sale Applications

Tuesday, July 13, 2010

Jennifer Young Homes Buyer Agent Receives Compliment at Closing!
6186 GREENWOOD DR 302, Falls Church, VA | Powered by Postlets
JUST LISTED–Citibank Short Sale in Aldie, VA (Loudoun County Short Sale)

Monday, July 12, 2010

First Tennessee Bank Short Sale Approval – Manassas, VA Short Sale Approved (Prince William County)

Thursday, July 08, 2010

Bank of America Short Sale Lost to Foreclosure Today – Even With Short Sale Approval Secured!
Just Listed-Wells Fargo Short Sale in Centreville, VA (Fairfax County Short Sale)

Wednesday, July 07, 2010

Why Can It Be Tough to Get Short Sale Approval (or Foreclosure Postponed) When Mortgage Is Backed by Freddie Mac?

Tuesday, July 06, 2010

Wells Fargo Short Sale Just Listed in Leesburg, VA – Working to Negotiate $3,000 Moving Expenses for Client in Loudoun County
Just Listed – Wells Fargo Short Sale in Vienna, VA (Fairfax County Short Sale)

Monday, July 05, 2010

Short Sale & Loan Modification HAPPY HOUR Seminar

Friday, July 02, 2010

Wells Fargo Short Sale Approved in 5 Weeks – Herndon, Virginia Short Sale Approved!
For Sale: 5BR/4BA Single Family House in Great Falls, VA, $905,900

Thursday, July 01, 2010

First Horizon / American Home Mortgage Short Sale SOLD – Centreville, Virginia Short Sale SOLD

Wednesday, June 30, 2010

Wells Fargo Foreclosure Stopped with Just Hours to Go! Freddie Mac Gives Homeowner Time to Short Sale in Maryland

Tuesday, June 29, 2010

Chase Short Sale — New Listing in Manassas Park, VA (Manassas Park Short Sale)
Suntrust Short Sale SOLD – Clifton, Virginia Short Sale (Deficiency Waived)

Monday, June 28, 2010

Chase Bank and 2nd Trust PNC (National City Mortgage) Short Sale SOLD – Fairfax, VA
American Home Mortgage Short Sale SOLD – Condo Short Sale in Fairfax, VA

Friday, June 25, 2010

Short Sale Agent Commissions – Does Seller Have to Pay Them?
22921 Whitehall Terrace, Sterling, VA | Powered by Postlets

Thursday, June 24, 2010

America’s Servicing and GMAC Short Sale — New Listing in Springfield, VA (Fairfax County Short Sale)

Wednesday, June 23, 2010

Bank of America and M&T Short Sale — New Listing in Manassas, VA (Prince William County Short Sale)
Wells Fargo Short Sale- NEW Listing in Chester, MD (Chesapeake Bay Short Sale)

Tuesday, June 22, 2010

BACK on the MARKET....Short sale approved at 450K sales price!!!

Friday, June 18, 2010

Homeowners Denied for Federal Mortgage Help Seek Alternatives (HAMP Loan Mods – Temporary vs. Permanent)

Thursday, June 17, 2010

For Sale: 3BR/2+1BA Single Family House in Woodbridge, VA, $285,000
For Sale: 2BR/2+1BA Townhouse in Manassas, VA, $180,000
For Sale: 4BR/2+1BA Single Family House in Fredericksburg, VA, $260,000
Short Sale Buyers Could Have Until September 30th to Close and Get Their $8,000 Tax Credit!

Wednesday, June 16, 2010

Wells Fargo Is Leader in Stopping Foreclosure Dates in Virginia, Maryland & DC (Short Sale Negotiations)
Suntrust Short Sale Approved in Clifton, VA (Fairfax County Short Sale) – Deficiency Waiver Granted

Tuesday, June 15, 2010

*BACK ON THE MARKET*3BR/1BA Single Family House in Fredericksburg, VA, $70,000
Indymac Short Sale – New Listing in Manassas, VA (Prince William County Short Sale)

Monday, June 14, 2010

Jennifer Young Earns New Pre-Foreclosure Solutions/Short Sale Certification – Virginia Short Sale Specialist
For Sale: 1BR/1BA Condo in Ashburn, VA, $149,900

Friday, June 11, 2010

For Rent: 1BR/1BA Condo in Washington, DC, $2,100/month
For Sale: 1BR/1BA Condo in Washington, DC, $379,900

Thursday, June 10, 2010

MetLife Home Loans (formerly First Horizon) Short Sale Approved in Centreville, VA – Lender Not Seeking Deficiency Judgement!
Foreclosures Are Still Moving Forward Even with Recent Government Programs Like HAFA

Wednesday, June 09, 2010

Pentagon Federal Credit Union Tries to Go Ahead with Foreclosure – Credit Union Trend Bad News for Borrowers (Centreville, VA Short Sale)

Tuesday, June 08, 2010

Bank of America Approves Short Sale on 2nd Trust Home Equity Loan in Springfield, VA

Friday, May 28, 2010

For Sale: 2BR/2BA Condo in Alexandria, VA, $269,900

Thursday, May 27, 2010

For Sale: 1BR/1BA Single Family House in Vienna, VA, $225,000

Wednesday, May 26, 2010

For Sale: 3BR/2+1BA Townhouse in Alexandria, VA, $220,000

Tuesday, May 25, 2010

Just signed up for Ping so I can now update all my social media at once...let's see if this works!

Mortgage Rates Take a Dive - But Will More Buyers Take Advantage?

Here is some mortgage rate news that is catching a lot of people by surprise – mortgage rates have dropped below the 5 percent level. Now the mortgage companies, and the entire real estate industry, are waiting to see if these historically low mortgage rates will convert into more people buying homes and refinancing their existing mortgages.

The Wall Street Journal is reporting that the low mortgage rates are happening as a result of the financial trouble that is unfolding in Europe. As the European financial markets continue to become more unstable, international investors are pushing their money into the U.S. in an attempt to seek safer grounds for their investments. The international in flow of investors has pushed mortgage rates here in the US to the lowest levels of the year – and back near 50-year lows, according to the Wall Street Journal.

The housing industry had been bracing for a period of rising mortgage rates, triggered by the end of the Federal Reserve’s $1.25 trillion mortgage-securities purchase program.

Instead, the WSJ writes, many in the industry now say rates could drift as low as 4.5 percent this summer from 4.86 percent now, instead of rising to 6 percent as some economists projected. That makes for significantly lower payments for buying homes or refinancing mortgages.

Mortgage Rates prime for refinance
The drop in mortgage rates creates a perfect environment for refinance your existing mortgages. With mortgage rates creeping down to near 50 year lows, you are sure to be able to find some great mortgage rates for your next refinance.

CURRENT RATES from First Savings Mortgage Corp.

Conforming 30 year is 4.75% and 0 total points 4.5% is 1 pt
Conforming 7 year ARM is 4% and 0 pts
Conforming 5 year ARM is 3,625% and 0 pts

Conforming Jumbo (over $417k to 729,750) is 4.875% and 0 total and 4.625% is 1pt

FHA 30 year is 4.625% and 0 pts and 4.375% and 1 pt
FHA Jumbo (over $417k- $729,750) 4.75% and 0 pts and 4.375% and 1.5 pts

The ability to get loans is most flexible in the loan amount cap of $729,750. You can buy a house for $756,000 and go FHA with 3.5% in this area. You can do conventional with PMI with 5% down up to $417,000 and with 10% down up to $729,750 loan. That means if you don't want to go FHA you can still put 10% down on a $800,000 house.

The quickest way to get your loan approved is to Apply Online at (Free and No Obligation!)

Thursday, May 13, 2010

FHA Short Sale Approved – Pre-Foreclosure Sale Approved by JP Morgan Chase in Sterling, VA (Loudoun County)

Homeowner owes more than his home is worth, and since it is an FHA loan, this short sale took a little longer than others to get approved. This homewoner needed to avoid foreclosure on his home on Colonial Avenue in Sterling, VA. Chase has agreed to do a short sale with proceeds paid out to HUD, but with stipulations you can read below. One very positive highlight is, they’ve agreed to pay an incentive to the homeowner for closing the deal quickly – $1,000 at closing payable to the seller. The letter can be hard to read, so if you have any questions, feel free to call me at 703-400-6757 or email me at . If you know anyone I can help, let me know!

Tuesday, April 27, 2010

Great investment property in Woodbridge-Take a look!

Investor Alert! Here is an Indymac foreclosure that we just put on the market for 116K last night. We already have cash offers and I think it will take 120-125K to get the property. It has some nice updates-kitchen, roof, etc.. but has a small area of mold in the basement and the bathroom has to be remodeled. It is a great price though, and it would be cash flow positive if you got an investor loan on it. See how the #s break down below:

Purchase price of 125K with 25% down = $31,250 down, $93,750 loan amount.

$93,750 @ 5.75 interest rate, 30 year fixed = $547
monthly taxes = $120
Hazard insurance = $50

Total Monthly outlay = $717

Average monthly rent = $1300/mo

Total positive cash flow = $583 a month.
*I think it would take about 5-7K to get it to average condition and able to be rented for this. Could be less but I think this is pretty accurate.

Click the following URL to see the listing:

Let me know if you need more info or would like to see it.

Wednesday, April 14, 2010

JPMorgan Chase Argues Against Mortgage Modifications, Citing Sanctity Of Contracts

With millions of homeowners losing their homes to foreclosure during this recession, megabank JPMorgan Chase plans to argue against the Obama administration's latest weapon in its fight to stem the problem -- principal cuts for struggling borrowers -- by citing the sanctity of contracts and the borrower's "promise to repay."

In testimony to be delivered Tuesday afternoon, David Lowman, chief executive officer for home lending at the "Too Big To Fail" behemoth, will fight back against the program which calls for lenders and investors to decrease the outstanding debt owed on a home mortgage. While his competitors at Bank of America, Wells Fargo and Citigroup plan to dance around the issue -- judging from their prepared remarks -- Lowman cut right to it: borrowers don't deserve it.

"Like all loans, mortgage contracts are based on a promise to repay money borrowed," Lowman's prepared remarks read. "Importantly, there is no provision in the mortgage contract, express or implied, that the lender will restore equity or reduce the repayment amount if the value of the collateral -- be it a home, a car or a stock market investment -- depreciates.

"If we re-write the mortgage contract retroactively to restore equity to any mortgage borrower because the value of his or her home declined, what responsible lender will take the equity risk of financing mortgages in the future? What responsible regulator would want lenders to take such risk?"

In January, the firm's chairman and chief executive, Jamie Dimon, told the panel investigating the roots of the financial crisis that, prior to the collapse, JPMorgan Chase did not conduct any stress tests that showed house prices falling.

"I would say that was probably one of the big misses," Dimon said. "We stressed almost everything else, but we didn't see home prices going down 40 percent."

So the firm made loans, arguably not knowing that the value of the assets backing those loans might one day significantly decline in value.
Story continues below

Lowman will effectively tell the House Financial Services Committee that it's the homeowner's responsibility to bear the losses that came as a result.

JPMorgan Chase received $25 billion in a taxpayer-funded bailout, which it has since repaid; it absorbed Bear Stearns and Washington Mutual in 2008 through sweetheart deals that offloaded most of the cost and risk onto taxpayers; and it also received $41 billion in cheap funding through a taxpayer-backed debt issuance program from the FDIC, money that has not been repaid.

The bank's arguments against principal cuts amount to an "argument against modifications in general," said Alan White, a law professor and contracts expert at Valparaiso University who has written extensively on mortgages and foreclosures.

"The point about the sanctity of contracts is okay, but where does that get us in the discussion?" he asked. "The moral absolutism of the contract doesn't advance the discussion of how you deal with a national crisis."

White also pointed out that "the contract is not absolute." Bankruptcy, in which some debts are completely extinguished, is just one example in which contracts are rewritten. "People go back and rewrite contracts all the time," he said. "Just look at AIG and the United States, for instance."

Congress wants to know why the administration's foreclosure-prevention efforts haven't performed as promised. Its principal initiative, the Home Affordable Modification Program, seeks to lower troubled borrowers' monthly payments by modifying their mortgages primarily through lower interest rates. But not enough homeowners have been helped. And the program does virtually nothing to help homeowners who owe more on their mortgage than the home is worth, otherwise known as being "underwater."

Enter principal cuts. Mortgage bond analysts, consumer advocates, economists, and housing experts nearly unanimously agree that the best way to modify a mortgage that keeps homeowners out of foreclosure is to cut the overall amount owed -- the principal.

That hasn't happened, though. Megabanks and investors are locked in a battle -- the banks don't want to cut principal, while investors do -- with distressed homeowners stuck in the middle. The chair of the House panel calling Tuesday's hearing, Barney Frank (D-Mass.), has called for the megabanks to write down mortgage principal -- now.

Here's what's going on:

The nation's four biggest banks collectively own about $448 billion in junior liens -- those loans taken out on a property in addition to the more standard first-lien mortgage, like second liens, home equity loans and so forth -- as of Dec. 31, 2009, according to regulatory filings with the Federal Reserve. That's nearly 45 percent of all outstanding junior-lien home mortgages in the U.S., Federal Reserve data show.

The problem is that it's those holdings that are complicating efforts to modify home mortgages. Nearly two-thirds of all home mortgages are held as securities by investors worldwide, most of which are based on first-lien debt. Banks only hold a bit more than a quarter of all outstanding home mortgage debt, Fed data show.

If a borrower loses his home to foreclosure, the first lien is repaid first off the subsequent sale. Whatever proceeds are left go to second and subsequent liens; if nothing is left -- for instance, if an underwater borrower is foreclosed on and the sale of the foreclosed home doesn't even satisfy the outstanding first lien -- then the second and subsequent liens are worthless. They don't get a penny.

Based on that priority of payments, holders of first lien mortgage debt argue that those holding junior liens should take the first hit when it comes to modifying mortgages -- after all, if the home enters foreclosure, that's how it will play out.

Since nearly all mortgage modifications involve homeowners who are likely to default, investors argue that the second-lien holders should write down their holdings, take their losses, and get out of the way so troubled homeowners -- free of junior-lien debt obligations -- will have a chance to stay in their homes. Investors, after all, want homeowners to stay in their homes so they can continue getting paid; a foreclosed home rarely results in a profit to investors.

Megabanks, thus, should reduce the amount borrowers owe them on those junior liens, argue investors, economics, consumer advocates and mortgage bond analysts.

Their argument is "quite reasonable," White said.

But the big banks that own that junior lien debt aren't going to cut mortgage principal and take losses on their holdings without a fight, as emphasized by JP Morgan Chase's Lowman in his remarks.

"Realistically, as the process winds through, those second [liens] are going to get wiped out," White said. "[The banks are] just in denial about that."

The problem is so huge -- $448 billion huge -- that if the banks were to write down their positions and take the appropriate losses, some think it could necessitate a second bailout.

But until those homes are actually sold in a forced sale -- like a foreclosure sale -- the banks can keep pretending their holdings are worth more than they really are, White said.

"I guess the banks would rather keep getting those monthly payments," he said. "And if they can get payments for another six months to a year, they figure, why not?

"The problem with that logic is if the home is foreclosed, the second lien is going to go away," White said.

Last year lenders foreclosed on more than 2.8 million homes, according to real estate research firm RealtyTrac. The firm estimates three million homes will get foreclosure notices this year; more than one million of them will be repossessed by lenders.

Monday, April 05, 2010

Pending Home Sales Confirm Increase in Buyer Demand Ahead of Tax Credit Expiration

The National Association of Realtors released Pending Home Sales data today.

A sale is listed as "pending" when a contract to purchase an existing home has been signed but the transaction has not closed. The index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly pending home sales parallels the level of closed existing-home sales in the following two months.

From the release:
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in February, rose 8.2 percent to 97.6 from a downwardly revised 90.2 in January, and remains 17.3 percent above February 2009 when it was 83.2. The data reflects contracts signed, not closings, which usually occur with a lag time of one or two months after the home sales contract is signed.

Great 3 Bedroom Ranch Home w/Garage and lots of updates! (Amherst)

Great 3 Bedroom Ranch Home w/Garage and lots of updates! (Amherst)

Thursday, April 01, 2010

Another Short Sale Closes!!

3548 Autumn Ridge Ct.
Round Hill, VA 20141
1st Trust Owed: $550,805
2nd Trust Owed: $68,559
Total Owed: $619,364
Homeowner bought in 2005 for $705,250, found themselves
upside-down and walked away avoiding foreclosure!

Tuesday, March 30, 2010

Virginia Loan Modifications – Economist Says Don’t Be Fooled by New Obama Plan

With all the excitement surrounding the new proposed help for underwater and unemployed homeowners, some leaders are saying “beware”. To give you an example, a new article has been released by Dean Baker, Economist and Co-Director of the Center for Economic and Policy Research, which concludes that the new Obama Loan Modification Plan will continue to fall short of what is necessary to help those in need and that it is really designed to benefit the big banks! As you read, you’ll see Dean Baker is basically saying that home prices will continue to fall, so doing a loan modification will basically leave up-side down homeowners in a position of paying too much money for an asset that will be worth even less in a year than it is today. Check out the article by clicking on the link below and call me if you have any questions:

Call Jennifer Young at 703-400-6757 or email Thanks for visiting!

Friday, March 26, 2010

Government Offers Incentives to Lenders to HELP Underwater Homeowners

After months of criticism that it hasn’t done enough to prevent foreclosures, the Obama administration is announcing a plan to reduce the amount some troubled borrowers owe on their home loans. The effort would allow people who owe more on their mortgages than their properties are worth get new loans backed by the Federal Housing Administration, a government agency that insures home loans against default.

This proposal would be funded by $14 billion from the administration’s existing $75 billion foreclosure-prevention program. In addition, the homeowner’s existing mortgage company can get incentives to lower the principal balances on underwater loans. The program also includes assistance to help unemployed homeowners keep paying their mortgages.

Here’s how it would work…Under the plan, lenders would grant three months forbearance to homeowners who are out of work, according to two administration officials. To help borrowers who have been hurt by falling home prices, the government also will require mortgage servicers to consider cutting a loan’s principal if it is up to 15% more than the home is worth, officials said. The principal would be reduced over three years as long as the borrower stays current on payments. In addition, servicers will get more incentives — double the amount the government now pays to lenders — if they reduce the unpaid balance of second loans.

The changes reflect a new attack by the Obama administration to address the foreclosure crisis, which at first was driven by subprime mortgages going delinquent, and now is being fueled by unemployment. The current program provides modified mortgages to homeowners who show proof of income. “The cost is going to depend on the participation rate. In terms of the cost to taxpayers, the cost of not doing something is greater than doing something,” says Scott Talbott, senior vice president for government affairs at the Financial Services Roundtable. “Up to now, there was no government program to help the unemployed, and that was the biggest problem.”

The current federal program, known as the Home Affordable Modification Program (HAMP), is aimed at helping up to 4 million Americans avoid foreclosure. So far, about 170,000 homeowners have been granted permanent modifications with lower monthly payments through the plan.

Also Thursday, the Treasury Department announced new measures that buy time for some borrowers to avoid losing their homes to foreclosure. Lenders soon will be unable to start foreclosures unless they’ve determined borrowers aren’t eligible for a modification.

Other changes announced Thursday will provide other protections for troubled homeowners. They include:

•Ensuring servicers intervene once two or more mortgage payments are missed and actively solicit borrowers for the federal program.

•Setting a 30-day deadline for lenders to decide applications for trial modifications.

•Requiring servicers to consider borrowers who file for bankruptcy-court protection for the HAMP program if the borrower, their lawyer or bankruptcy trustee make a request.

The four big holders of second mortgages —Citigroup, Bank of America , Wells Fargo and JPMorgan Chase — have now joined the government’s program to modify second mortgages. That program was delayed for months but with Citi on board, the major players in the industry are now participating.

Critics have complained that the Obama administration has done little until now to encourage banks to cut borrowers’ principal balances on their primary loans. Nearly one in every three homeowners with a mortgage are “under water” — they owe more than their property is worth — according to Moody’s

Tuesday, March 09, 2010

Manassas Short Sale Approval from Bank of America

Bank of America Short Sale Approval for Manassas, Virginia home. Home owner is upside down but will walk away from mortgage owing nothing to her lender! Call Jennifer Young today if you need help anywhere in Virginia…703-400-6757. Jennifer Young Homes closes, on average, 4-5 short sales per month!

Monday, March 08, 2010

Another Loudoun County Short Sale Approval from Wells Fargo

Home owner is upside down by $125,000 and will walk away from mortgage owing nothing to their lender! Call Jennifer Young today if you need help anywhere in Virginia…703-400-6757.

Friday, February 19, 2010

Home Sale Prices End '09 on Upswing

The average price of a house ended 2009 on a positive note, according to the latest government figures.
The average price of new and used houses sold in the country’s 32 largest metropolitan markets rose 1.3% in December, from $298,200 to $302,100, the Federal Housing Finance Agency reported.
While the increase is hardly one to jump up and down about, it was the largest gain recorded in the agency’s quarterly survey in several years. But proving once again that all real estate is truly local, the average was all over the ballpark in the 32 areas covered in the FHFA study.
The nation’s capital is now the fifth most expensive place in the country to buy a house. Still, the average in the Washington-Baltimore region barely moved the needle in the fourth quarter, rising a scant 0.4%, from $444,300 a year ago to $449,000 when 2009 came to a close. Not a huge jump, but it’s positive none the less. For info on more states involved in the FHFA survey, go to .
Visit our website today if you’d like to find out what your home is worth!

Monday, February 15, 2010

1 in 409 Homes Face Foreclosure Filing

RealtyTrac, one of the leading online marketplaces for foreclosure properties, released its January 2010 U.S. Foreclosure Market Report, which shows foreclosure filings—default notices, scheduled auctions and bank repossessions—were reported on 315,716 U.S. properties during the month, a decrease of nearly 10% from the previous month but still 15% above the level reported in January 2009. The report also shows one in every 409 U.S. housing units received a foreclosure filing in January.

REO activity nationwide was down 5% from the previous month but still up 31% from January 2009; default notices were down 12% from the previous month but still up 4% from January 2009; and scheduled foreclosure auctions were down 11% from the previous month but still up 15% from January 2009.

“January foreclosure numbers are exhibiting a pattern very similar to a year ago: a double-digit percentage jump in December foreclosure activity followed by a 10% drop in January,” said James J. Saccacio, chief executive officer of RealtyTrac “If history repeats itself we will see a surge in the numbers over the next few months as lenders foreclose on delinquent loans where neither the existing loan modification programs or the new short sale and deed-in-lieu of foreclosure alternatives works.”

Thursday, February 11, 2010

Another Short Sale APPROVED!!

Our system for getting approval and making it to closing is now fine tuned and we’re ready to take on more assignments. If you know anyone who is upside down in their mortgage or they’re facing a hardship and can’t make their mortgage payment, tell them to visit my website at – read through it and contact me. They can even apply for more info online. Tell them we have a 99% Success rate. We’ve helped hundreds and we can help them too!

Tuesday, February 09, 2010

Another Short Sale Closes!

5300 Ferndale St
Springfield, VA 22151
SOLD Price: $330,000

1st Trust Owed: $390,000
Total Owed: $390,000

Homeowners bought in 2006 for $555,000, found themselves upside down and walked away avoiding foreclosure!

Monday, February 08, 2010

Short Sale Success Story

Another Short Sale Closes!

706 Catoctin Cr NE
Leesburg, VA 20176
SOLD Price: $325,000
January 2010

1st Trust Owed: $500,000
Total Owed: $500,000

Homeowners bought in 2004 for $470,000, found themselves upside down by $175,000 and walked away – avoiding foreclosure!

Friday, February 05, 2010

Another Short Sale Approved!

8 Short Sales closed in the past 3 months and now another approval, with closing set for next week. We wanted to put up an example of what an approval letter looks like. Our system for getting approval and making it to closing is now fine tuned and we’re ready to take on more assignments. If you know anyone who is upside down in their mortgage or they’re facing a hardship and can’t make their mortgage payment, tell them to visit my website at – read through it and contact me. They can even apply for more info online. Tell them we have a 99% Success rate. We’ve helped hundreds and we can help them too!

Thursday, February 04, 2010

California Foreclosures

February 4, 2010—(MCT)—Ethelda Lopez, a retired telephone company worker recently watched as her dream retirement home was auctioned off on the lawn outside a county courthouse in downtown Merced, California. “When I heard my address, it was so disheartening,” she said. “It’s amazing how it all works.”

For six months, she had made hundreds of calls to her mortgage company, federal officials, local political leaders—begging them all for lower payments or more time. No one paid heed. Wracked with depression and anxiety, she was too ashamed to tell her friends that she was losing her sprawling stucco-and-stone ranch home in the Atwater countryside.

Merced County ranked first in California for foreclosure filings in 2009, and sixth among counties nationwide, the national firm RealtyTrac reported recently. One in seven homes in this county of 250,000 people has been foreclosed on since September 2006, according to Foreclosure Radar, a California reporting service.

Over and over, residents caught up in the foreclosure crisis—homeowners, renters, even Realtors—report that they are suffering from stress or depression and are sometimes too ashamed to reach out for help. This is the hidden human fallout of foreclosure.

Thousands of new homes like Lopez’s sprouted from farmland countywide in the past five years. Merced was gearing up for a bright new future as a college hub. Optimistic developers dreamt of throngs of buyers paying $300,000 and more so that they could raise their children in neat stucco homes along tranquil cul-de-sacs. But the dream crumbled, and so did the peace-of-mind that home ownership is supposed to guarantee. Now, many homeowners are caught up in a nightmare, trying to figure out how to pay mortgages on dwellings worth a fraction of what they owe—or whether they should give up the dream and move on.

The drama plays out on the courthouse lawn like clockwork, Monday through Friday, at 12:30 and 3 p.m., when Realtors and investors bid for foreclosed homes like Lopez’s. The crisis shows no signs of abating. In November 2009, one in five Merced County homeowners was 90 days or more delinquent in payments, according to another service, First American CoreLogic. What the statistics don’t show is the human toll. Debt-wracked residents are suffering from anxiety, sleeplessness and depression in a universe gone sideways. Clinically, their suffering may not qualify as PTSD, the psychological state felt by soldiers, cops, first-responders and others after a traumatic experience. But far too many are in sad shape. Some are reaching out for help. At Merced-area health care clinics, workers report an increase in residents experiencing mental distress, and in the seriousness of their symptoms. Many new patients are homeowners or renters fearful of losing their homes and all the stability that a home provides, they say.

Many more feel so much shame about their financial and emotional distress that they shut themselves off, too fearful to ask for help. Entire families suffer as stress radiates from debt-plagued parents to their frightened children. “The trickle-down of this is big. Kids have stomach aches. They don’t want to go to school. Then you find out they’ve just moved in with someone else, their parents are about to lose their homes, they’re having trouble paying the mortgage,” said Elizabeth Morrison, clinical director of behavioral health at Golden Valley Health Centers, a network of 25 nonprofit community clinics and eight dental sites serving the Merced area.

School leaders are concerned, too. In the Merced Union High School District, which covers students in all of Merced, Atwater and Livingston, 613 students, or 7%, reported this year that they were “doubled-up” with another family in a single-family home. At Atwater High School, the number was 12%. Some residents fear they soon will have no home at all.

For residents on the verge of losing their homes, knowing that their neighbors and friends are in the same straits may or may not be reassuring. The stigma of foreclosure and bankruptcy may sting less here because so many people are struggling. But jobs remain scarce, and that, coupled with the high foreclosure rate, may make residents even more pessimistic, said Jim McDiarmid, director of behavioral sciences at the Mercy family medical residency program.

(c) 2010, Merced Sun-Star (Merced, Calif.).

Thursday, January 28, 2010


The Federal Housing Administration, which is supporting the housing market by insuring thousands of new mortgages every day, is expected to announce on Wednesday that it is tightening standards. Borrowers who get an F.H.A.-insured loan will soon have to pay a higher initial insurance premium. The new premium will be 2.25 percent of the value of the loan, up from 1.75 percent. Starting this summer, sellers will not be able to offer as much help to buyers to pay their closing costs. The maximum amount of assistance will drop to 3 percent of the value of the property, from the current 6 percent. While most borrowers will still be able to make a down payment of 3.5%, lower scores will require higher down payment.

Wednesday, January 20, 2010

FHA Has Waived their 90 Day Flipping Rule!

Measure to help bring stability to home values and accelerate sale of vacant properties
WASHINGTON - In an effort to stabilize home values and improve conditions in communities where foreclosure activity is high, HUD Secretary Shaun Donovan today announced a temporary policy that will expand access to FHA mortgage insurance and allow for the quick resale of foreclosed properties.
The waiver will take effect on February 1, 2010 and is effective for one year, unless otherwise extended or withdrawn by the FHA Commissioner. To protect FHA borrowers against predatory practices of "flipping" where properties are quickly resold at inflated prices to unsuspecting borrowers, this waiver is limited to those sales meeting the following general conditions:

* All transactions must be arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction.
* In cases in which the sales price of the property is 20 percent or more above the seller's acquisition cost, the waiver will only apply if the lender meets specific conditions.
* The waiver is limited to forward mortgages, and does not apply to the Home Equity Conversion Mortgage (HECM) for purchase program.

Click the link below to access the announcement from the FHA web site:

FHA 90 Day Flipping Waiver

The waiver will take effect on February 1, 2010 and is effective for one year, unless otherwise extended or withdrawn by the FHA Commissioner. To protect FHA borrowers against predatory practices of "flipping" where properties are quickly resold at inflated prices to unsuspecting borrowers, this waiver is limited to those sales meeting the following general conditions:

* All transactions must be arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction.
* In cases in which the sales price of the property is 20 percent or more above the seller's acquisition cost, the waiver will only apply if the lender meets specific conditions.
* The waiver is limited to forward mortgages, and does not apply to the Home Equity Conversion Mortgage (HECM) for purchase program.

Monday, January 18, 2010

New Guidelines on Short Sales Meant to Speed System

Financially-stressed homeowners left hanging while their banks consider whether to approve the short sales of their properties may benefit from new federal guidelines that give lenders a 10-day limit in which to respond to purchase offers.

The rules from the U.S. Treasury, which also allow financial incentives for both sellers and lenders, could figure prominently in struggling housing markets all over the country. There are, however, limitations which include the stipulation that only banks that owe the federal government TARP bailout funds must comply. The Treasury rules, in addition to imposing a 10-day deadline for bank decisions, call for sellers to receive $1,500 moving allowances—and for the sellers to not have to repay any of the debt. Also, lenders will get $1,000 to cover administrative and processing costs, while investors owning the mortgages will receive a maximum $1,000 for allowing as much as $3,000 of a short sale’s proceeds to be distributed to less senior lenders.

The 83 loan servicers participating in the Obama administration’s Making Home Affordable loan modification program are required to follow the guidelines for all borrowers who have requested short sales or who did not complete loan modifications. The rules do not specifically apply to loans guaranteed by Fannie Mae or Freddie Mac, which constitute about half of all U.S. mortgage debt. The two government-run mortgage companies are working on their own guidelines.

In a short sale, the homeowner sells the property for less than what is owed on the mortgage, and the lender forgives the difference. Many single-family mortgage holders in Virginia are “under water,” meaning they owe more than their homes are currently worth if they were to be listed for sale in today’s market. The Treasury’s new plan is aimed at helping homeowners like the ones we help everyday must be implemented by lenders no later than April 2010.

Monday, January 11, 2010

Fannie Mae Adopts New REO Policy

January 11, 2010 - In an effort to expedite REO sales, Fannie Mae has adopted a new policy. As part of this policy, Fannie Mae may accept offers to purchase homes it has repossessed without notifying loan servicers, and loan servicers may be required to reimburse Fannie Mae for a loss if it turns out the original mortgage on the home did not meet its eligibility or underwriting requirements..
Previously, if there was a question over whether a mortgage on a repossessed property met Fannie Mae’s requirements, servicers were given 15 days to turn over loan files for review. Rather than reimburse Fannie Mae for an incurred loss, loan servicers had the opportunity to try and find a better offer for the property or buy it themselves.
The rules have changed, though. In a recent announcement to loan servicers, Fannie Mae said it has implemented a change regarding assurance reviews. When the company is notified that a property has been acquired, it will begin the disposition process by obtaining opinions on the market value of a repossessed home and list it with a real estate broker.
“When Fannie Mae receives an offer to purchase a property that is also subject to an underwriting or servicing review, Fannie Mae may accept the purchase offer without first notifying the servicer, whether or not a final decision has been reached with respect to the review,” Fannie Mae said in its announcement. “If, after completion of the review, Fannie Mae determines that the mortgage loan did not meet its eligibility or underwriting requirements and Fannie Mae has incurred a loss by selling the property, the lender will be required to fully reimburse Fannie Mae for its loss.”
These changes come after recent reports from Fannie Mae showing an increase in the acquisition of foreclosed properties and an escalating rate of seriously delinquent single-family home loans.
According to its most recent quarterly report, Fannie Mae acquired 98,428 homes through foreclosure during the first nine months of last year and sold 89,691 REO properties during the same period. However, at the end of September 2009, Fannie Mae still had 72,275 REO properties on its books, marking a 7% increase year-over-year.
Furthermore, Fannie Mae’s monthly summary for November 2009 showed notable growth in seriously delinquent single-family home loans held or guaranteed by the company. Up from 1.89% in November 2008, loans three or more months behind in payments or in the foreclosure process soared to 4.98% in November 2009.
Article by RISMEDIA

Wednesday, January 06, 2010

ATTENTION! Mortgage insurance companies are adapting a similar rule as FHA in regards to flipping properties.

ATTENTION! Mortgage insurance companies are adapting a similar rule as FHA in regards to flipping properties. This will impact the mortgage market starting 10/12/2009, not leaving us with much time. If you have Conventional buyers above 80% loan to value, please make sure the mortgage insurance has been ordered prior to this date. This is coming out at rapid speed 3 out of 5 mortgage insurance companies have adopted this rule. The other two are in the process and have strict requirements to do a loan under 90 days and I believe they will be changing their rules as well within the next couple of weeks. Also, ALL are requiring restrictions up to 180 days much like FHA does with requiring improvement details, appraisal reviews & extra underwriting requirements. Please prepare your buyers and sellers, this is something that will impact all of us. If you have sellers/investors, make sure they are making sound upgrades and keeping ALL receipts of services performed. Fannie Mae & Freddie Mac have not adapted this rule YET, but there are talks of doing so. Please be prepared.

Below are a few guidelines of what is NOT a flip.

•· A lender, mortgage investor or a mortgage insurance company that acquired the property as a result of a foreclosure or deed in lieu of foreclosure

•· A spouse who acquired the property through a divorce settlement

•· An employer that acquired the property through its relocation program

•· An administrator, executor, or personal representative selling property of an estate